Topline: The French luxury group LVMH, controlled by billionaire Bernard Arnault, has scooped up the heritage American jeweller Tiffany & Co. for $16.2 billion, making it the biggest luxury brand acquisition ever and adding to the firm’s portfolio, which includes Louis Vuitton and Sephora.
- The acquisition, confirmed by LVMH on Monday, is the biggest yet by Arnault, Europe’s richest person.
- LVMH will acquire Tiffany for $135 per share in cash, for a total of $16.2 billion—almost $2 billion higher than the initial bid that LVMH made for the luxury jeweller in October. Tiffany will sit among LVMH’s 79 brands, in its watches and jewellery division.
- The deal will strengthen LVMH’s position in North America and build on its foundation in the jewellery market.
- The deal is expected to go through in the middle of 2020, LVMH said. Shares of the Paris-based fashion house were up 2% on Monday morning, while Tiffany shares were up 6% in premarket trading.
- Arnault said of the move: “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 each and every one of our Maisons.”
The largest luxury goods deal to date gives LVMH’s billionaire owner Bernard Arnault a bigger slice of one of the fastest-growing upmarket sectors.
Founded in 1837, it employs more than 14,000 people and operates about 300 stores – 12 of them in the UK.
TLVMH has 75 brands, 156,000 employees and a network of more than 4,590 stores. Its other brands include Kenzo, Tag Heuer, Dom Pérignon, Moet & Chandon, and Christian Dior.his company.
The reason I wrote the preamble above was to show the narrow-mindedness of the
OQLF and the ridiculous request to have business owners post their brands on outdoor advertising.
In time the OQLF will probably object to the following on the On-Line shopping site
PLEASE CHOOSE YOUR LANGUAGE
- CANADA (ENGLISH)
- CANADA (FRANÇAIS)
