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As many of you are well aware, Hublot was recently acquired by LVMH Moet Hennessy Louis Vuitton. The acquisition story was first brought to you by our AWJ B2B Newsletter Broadcast in breaking news last Thursday, 24 April 2008.
In his first public statement (made available to MPParabia) since the acquistion, Hublot Group CEO, Jean-Claude Biver, sought to clarify rumours swirling in industry circles in the run up to the take-over bid. Now that the brand has changed ownership, Mr. Biver has assured its overseas partners, distributors, retailers, Hublot aficionados, the industry employees, media and the public at large of Hublot’s continuity, independence and ‘business-as-usual’.
MPParabia has been permitted to broadcast the complete un-edited text of Mr. Biver’s statement, which we have replicated below. (All sub-titles in bold italics have been inserted for clarity by MPParabia)
Dear Sir/Madam,
We are pleased to provide you with further information about Hublot’s change of ownership, announced last week. The LVMH group has acquired 100% of the capital of Hublot, previously 80% held by Mr. Carlo Crocco with the remaining 20% held by a company belonging to Mr. Jean-Claude Biver.
For several months there had been rumours that Mr. Jean-Claude Biver wished to acquire a majority of the shares. This was rendered impossible owing to the exceptional performance achieved by the company’s management in 2007 and 2008, which placed it beyond Mr. Jean-Claude Biver’s means.
LVMH offer accepted
Consequently Messrs Crocco and Biver decided to act upon the offer of the LVMH group. They chose to negotiate exclusively with LVMH, convinced that it was absolutely the best partner to guarantee the future of the Hublot brand.
Good fit
We re-affirm that LVMH, the world’s leading luxury goods company, represents the best solution for the future of the brand and its management. We are also convinced that this is the best way forward for your relationship with Hublot.
Continuity assured, no Management shake-up
The entire management team remains in place and there will be no significant changes in the medium or long-term. Mr Ricardo Guadalupe will continue in his position as Managing Director under the leadership of Mr Jean-Claude Biver, CEO.
We would also like to stress that middle-management will continue in its role and that there will be no changes at that level either.
In agreement with our new shareholder we are today therefore in a position to give you complete assurance that Hublot’s policy at all levels will continue unchanged, including all projects and the guarantee of our managerial independence. However we will be able to benefit, where appropriate, from all synergies which might subsequently be developed between Hublot and the watch and jewellery division of LVMH which may help us to achieve our growth objectives.
Acquisition bodes well for both constituents
We are keen to clarify these issues so that you better understand how this transfer of ownership has taken place and the new opportunities that our company can derive from it. We are convinced that the choice is not only good, but indeed the best. Many of our ambitions will now be realised faster.
Thank you for being part of this adventure, which suddenly takes on a global dimension, and we eagerly anticipate the successes that we will help one another to achieve.
I look forward to seeing you again very soon,
With best regards,
JCB/RG
(Jean-Claude Biver / Ricardo Guadalupe)