The LVMH group boasts several luxury brands under its umbrella. And in adding a big name to the list, the conglomerate is now set to scoop in jewelry brand- Tiffany & Co. for a cool $16.2 billion! As part of the deal, the French luxury group will pay $135 per Tiffany share, making the acquisition one of the largest in the history of the luxury sector and in the career of LVMH CEO Bernard Arnault.
Commenting on the deal, Arnault who also happens to be Europe’s richest man said, “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,” He further added, “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.”
In a reciprocal statement, Tiffany chairman Roger N. Farah said the deal would give the company “an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital.” Over the years, LVMH has towed in several renowned labels such as Louis Vuitton, Dior, Fendi, Bvlgari, Givenchy, Loewe and many more under its name. The Tiffany deal is expected to boost its jewelry and watch lineup and expand the brand’s reach in the United States.