Luxury jewelry label Tiffany & Co. is officially joining the LVMH Moët Hennessy Louis Vuitton group. The luxury goods group — whose high-end holdings include Fendi, FENTY and Givenchy, among others — has acquired the iconic jeweler in a bidding war for $16.2 billion.
The multi-billion dollar deal marks LVMH’s biggest purchase to date, according to WWD. The acquisition of the nearly 200-year-old jewelry brand is intended to “strengthen LVMH’s position in jewelry and further increase its presence in the United States,” according to a statement released Monday morning. The coveted purchase will also strengthen LVMH’s jewelry division against other luxury goods competitors such as Richemont, the Swedish company that counts Cartier, Van Cleef & Arpels, and Piaget among its holdings.
“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 LVMH CEO Bernaud Arnault. “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. 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 initially bid $120 per share for the brand back in October, before settling on $135. The transaction, which awaits approval by Tiffany shareholders and regulators, is expected to close by mid 2020.
As a member of the LVMH family, Tiffany, arguably the only true American luxury brand, will join other iconic labels including Celine, Christian Dior, Emilio Pucci and Kenzo. Tiffany will also assume prime residence in the company’s jewelry division, which includes Bvlgari, Chaumet and Hublot.
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