LVMH to acquire Tiffany for $16.2 billion
Luxury group LVMH is to acquire the Tiffany jewellery brand for $16.2 billion.
Founded in 1837, Tiffany has more than 300 stores around the world. LVMH said the acquisition will strengthen its position in the jewellery sector and help to grow its presence in the US.
Tiffany will become part of LVMH’s watches and jewellery division which includes Bvlgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and Hublot. LVMH owns a total of 75 luxury brands including Louis Vuitton.
Bernard Arnault, chairman and chief executive of LVMH, said: “We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our maisons.”
While the deal is subject to shareholder and regulatory approval, the transaction is expected to complete in the middle of 2020.
