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LVMH Acquires Tiffany & Co.
In what is being called the biggest deal in the history of the luxury-goods market, Paris-headquartered LVMH Moët Hennessy Louis Vuitton SE acquired Tiffany & Co. for $16.2 billion, it was announced Nov. 25. For the New York–headquartered Tiffany, the deal will support future growth, said Alessandro Bogliolo, Tiffany’s chief executive officer.
“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long-term growth. This transaction, which occurs at a time of internal transformation for our legendary brand, will provide further support resources and momentum for those priorities as we evolve toward becoming the next-generation luxury jeweler,” he said in a press release.
Bernard Arnaud, LVMH’s chairman and CEO, said that Tiffany will be an important part of LVMH, the world’s largest and most influential luxury-goods company. Its brands include Dior, Louis Vuitton, Fendi, Celine, Pucci and Marc Jacobs.
“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,” Arnaud said in a statement. “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.”
