Bernard Arnault’s French multinational luxury goods group LVMH took over Tiffany and Co, the American luxury jewelry and specialty retailer in a $16.2bn deal.
The deal would help LVMH escalate its presence in the United States and transform accessories and jewelry division that includes TAG, Hublot and Bulgari. LVMH group owns 75 brands and a network of approximately 4,600 stores including Christian Dior, Moet and Chandon among others.
« We are delighted to have the opportunity to welcome @TiffanyAndCo to the LVMH family. » Bernard Arnault. https://t.co/XigkCgwGPG pic.twitter.com/3UqfyLZ6Wq
— LVMH (@LVMH) November 25, 2019
Reportedly, chairman and chief executive of LVMH Arnault said, “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 .” The deal marks LVMH’s biggest takeover under Arnault’s reign.
In an official statement shared by LVMH, Roger N. Farah, Chairman of the Board of Directors of Tiffany, commented, “Following a strategic review that included a thoughtful internal process and expert external advice, the Board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders.”