According to reports, LVMH has now purchased Tiffany & Co. for a staggering $16.2 billion USD. The news comes weeks of negotiation after LVMH’s initial bid of $14.5 billion USD at $120 USD per share.
In a statement, LVMH Chairman and Chief Executive Officer Bernard Arnault stated, “We have 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.”
The purchase of Tiffany & Co. will serve to strengthen LVMH’s currently hold on the jewelry industry while simultaneously cementing itself as the top luxury group in the world. Ownership of the American jeweler will serve to fend off Kering and Cartier-owner Richemont which has been increasing its push in jewelry.
Stay tuned for more details and check out our look at LVMH’s brand roster and how Tiffany & Co. would fit in.
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