LVMH is set to acquire Tiffany go $16.2 billion.
Tiffany currently has more than 300 stores worldwide. LVMH has said that the acquisition will strengthen its position in the jewellery sector as well as help to grow its presence in the US.
Tiffany will become part of LVMH’s watches and jewellery division, which already includes the likes of Bvlgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and Hublot.
LVMH owns a total of 75 luxury brands, including Louis Vuitton.
Bernard Arnault, chairman and chief executive of LVMH, said: “We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewellery world, to the LVMH family. 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 is expected to be complete by mid 2020.
