De Beers LV Plans Dozens of U.S. Stores in Global Expansion
May 15, 05 by Albert Robinson
De Beers LV, the retail joint venture with the French luxury goods group LVMH, is planning to open dozens of stores in the United States as part of an overall expansion featuring the opening of 150 stores throughout the world in the coming decade.
Guy Leymarie, chief executive of De Beers LV, in an interview with Britain's The Times said: “We are in mind to have more or less 150 stores [around the world], although not all of them may be directly operated by us. We hope to become a major player in diamond jewelry.”
Up to half the new stores will be in the U.S., which generates almost half the world’s diamond jewelry sales.
“We have a tremendous opportunity to leverage [off the De Beers name] because the level of awareness is absolutely outstanding,” Leymarie told The Times.
De Beers LV is preparing for the opening of its Manhattan showroom on Fifth Avenue next month, followed by another in Beverly Hills in October.
The first De Beers LV store was opened on Old Bond Street in London three years ago. The venture has also opened three shops in Japan two of which, Leymarie said, were profitable.
Leymarie dismissed reports of tensions between De Beers LV’s French and South African investors who have put $500 million into the venture which, he commented, was moving towards profitability quicker than forecast.
De Beers LV’s new collection Radiance is due to be unveiled in London next week. Prices range from £9,800 ($18,135) for a diamond ring to £390,000 ($722,000) for a10-carat Sun Grand Medallion.
