Tiffany Sold to LVMH for $16.2 Billion
LVMH has announced that it has entered into a definitive agreement to acquire Tiffany & Co. for $16.2 billion.
Founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan, Tiffany today is the leading luxury brand originated in the United States and operates more than 300 stores around the globe. The acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in the U.S.
“We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family,” said Bernard Arnault, chairman and chief executive officer, LVMH. “We have an immense respect and admiration for Tiffany. 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.”
LVMH’s acquisition of Tiffany has been approved by the boards of directors of both companies and the Tiffany board of directors recommends that Tiffany shareholders approve the transaction with LVMH.
“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long-term growth,” said Alessandro Bogliolo, CEO, Tiffany. “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 towards becoming the next-generation luxury jeweler. As part of the LVMH group, Tiffany will reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values.”