LVMH today confirmed that Tiffany & Co would be joining the ranks of Christian Dior, Fendi, Bvlgari, TAG Heuer, Hublot, Givenchy and a plethora of other brands under LVMH’s 75-strong brand portfolio.
Luxury conglomerate LVMH Moët Hennessy Louis Vuitton has confirmed that it will purchase global luxury jeweller Tiffany & Co for an amount of USD135 per share in cash, totaling to USD 16.2 million.
At the end of October, Tiffany & Co announced that it received an “unsolicited, non-binding proposal” from LVMH to acquire the blue box at USD120 per share, however there was no definitive agreement.
LVMH today confirmed that Tiffany & Co would be joining the ranks of Christian Dior, Fendi, Bvlgari, TAG Heuer, Hublot, Givenchy and a plethora of other brands under LVMH’s 75-strong brand portfolio.
Tiffany & Co was founded in 1837 in New York and specializes in luxury gold and sterling jewellery pieces. Last year, the 182-year- old company announced a complete renovation of its 10-storey flagship New York City store on Fifth Avenue, which is expected to be completed in 2021.
“The acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in
the United States.”
“The addition of Tiffany will transform LVMH’s Watches & Jewellery division and complement LVMH’s 75 distinguished Houses,” LVMH said of the acquisition.
Log on to Tiffany & Co’s website here or LVMH’s website here for further information.
(Source: Tiffany & Co, and LVMH respectively)