Odiot is on course to acquire Lappara Orfevre Argentier, a tiny but profitable French luxury silversmith. The deal is quite small and due to close in October this year.
Ongoing discussions are aiming at full control for a consideration made of cash (€0.2M) and 12,500 Odiot shares assumed to be worth €0.5M. By late July 2026, the value of the Odiot shares is closer to €0.25M.
LAPARRA looks attractive for the following reasons:
- It adds a respected brand to Odiot’s bow without changing its focus (Silversmith ultra-luxury).
- Its IP looks rich with designs encapsulated in moulds (2,100), matrices (770) and 2,000 wooden mandrels (for ring type pieces).
- It is profitable (€45k against average sales of €390k over the last 5 years).
- It may help widen the offering to modern, new creative designs.
The strategic impact is interesting in that the CEO and main shareholder of Odiot, Mr Trutat, is further consolidating the French luxury silversmith industry by accumulating somewhat forgotten, tiny assets with historic brands (Lappara, Rouge Pulon) which could be relaunched once the financial means are at hand.
In terms of EPS impact, a positive contribution of €45k to the bottom line would be earnings accretive after financing costs and dilution but still within the current margin for error in our forecasts.
