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Confirmed: LVMH is buying Tiffany & Co. for $16.2 Billion
Last October, French luxury conglomerate LVMH made a bid to buy the American jewelry company Tiffany& Co. for $14.5 Billion. Earlier today, various reports about LVMH’S higher bid filled the air, and now the deal has been officially sealed and approved. LVMH will purchase Tiffany & Co. at $135 a share in cash for a total of $16.2 Billion
Founded in 1837, Tiffany & Co. is the largest acquisition of LVMH to date. LVMH’s portfolio includes 75 other brands that range from wines and spirits to leather goods and cosmetics. The list includes Christian Dior, Bulgari, Dom Perignon, Hennessy, Louise Vuitton, and Givenchy, among others. Tiffany & Co. will be the 76th brand owned by LVMH once the acquisition is complete.
LVMH said in a statement that “ the acquisition of Tiffany will strengthen LVMH’S position in jewelry and further increase its presence in the United States.”
Bernard Arnault- Chief Executive of LVMH Moët Hennessy – Louis Vuitton SE and the world’s third-richest man.
Arnault also said, “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 every one of our Maisons.”
“We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”
Tiffany & Co. currently has 14,000 employees and 300 stores all over the world.