Fashion house Louis Vuitton (LVMH) is in the process of acquiring Tiffany store at a cost of $16.2 billion. This makes it the biggest luxury brand acquisition ever.
Therefore, the company will include Tiffany among its 79 brands, in its watches and jewellery section.
Earlier in October this year, LVMH had expressed interest in Tiffany at a cost of $120 per share. However, this offer was rejected on the basis of being too low, as it had valued the company at $14.5 billion.
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.Bernard Arnault, controller at LVMH
The deal is expected to go through in the middle of 2020
LVMH has 75 brands and a network of more than 4,590 stores. Its other brands include Kenzo, Tag Heuer, Dom Pérignon, Moet & Chandon and Christian Dior.
LVMH is a French multinational luxury goods conglomerate headquartered in Paris (France). On the other hand, Tiffany & Co. is an American luxury jewellery and speciality retailer headquartered in New York City. It sells jewellery, sterling silver, china, crystal, stationery, fragrances, water bottles, watches, personal accessories, and leather goods.