LVMH Moët Hennessy Louis Vuitton announced yesterday that it is acquiring the Hublot group, a Swiss watchmaker founded by Carlo Crocco in 1980. Hublot will join LVMH's existing watch portfolio comprising TAG Heuer, Zenith, Dior Montres, Louis Vuitton watches and the watch collections of Chaumet, Fred and De Beers.

Headquartered near Geneva, Hublot is building a factory at Nyon to accommodate its expansion plans. It currently has a selective network limited to 300 stores worldwide.

Philippe Pascal, chief executive officer of LVMH's watches & jewellery business group described Hublot as a "strategic and very complementary acquisition." "Its high-end positioning, selective distribution, financial performance and growth potential make Hublot a 'rising star'," he said.