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Tiffany & Co.
Tiffany & Co confirmed the receipt of an “unsolicited, non-binding proposal” from LVMH to acquire the blue box at USD120 per share.
Luxury conglomerate LVMH Moët Hennessy Louis Vuitton has announced its intention to buy luxury jeweller Tiffany & Co for an amount of USD14.5 billion.
Tiffany & Co confirmed the receipt of an “unsolicited, non-binding proposal” from LVMH to acquire the blue box at USD120 per share.
If the deal goes through, 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 portfolio.
LVMH however firmly stated that the discussions between the brands “may not result in any agreement.”
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.
On the potential takeover by LVMH, Tiffany has said that it is “successfully executing on its business plan and remains focused on achieving its goal of becoming The Next Generation Luxury Jeweler.”
Log on to Tiffany & Co’s website here or LVMH’s website here for further information.
(Source: Tiffany & Co, and LVMH respectively)
