After several weeks of speculation, it was today announced that LVMH Moët Hennessy – Louis Vuitton will buy New York City-based jewelry company Tiffany & Co. for approximately $16.2 billion, paying $135 per share. This deal marks one of the biggest and most impactful luxury transactions in history, as well as a milestone in CEO Bernard Arnault’s 30+ year career.
Photo Credit: instagram.com/tiffanyandco
“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,” began 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.”
Photo Credit: instagram.com/badgalriri
LVMH is the biggest luxury conglomerate in the world, with 75 of the most coveted brands under its belt within the fashion, leather goods, fragrance, cosmetics, timepiece, jewelry and liquor sectors (among others), including Christian Dior, Celine, FENDI, Marc Jacobs, RIMOWA, Loro Piana, Givenchy, Maison Francis Kurkdjian, Acqua di Parma, Hublot, Bvlgari, Sephora, Belvedere, Dom Pérignon, Krug, Ruinart and of course, Louis Vuitton. Most recently, LVMH welcomed renowned global superstar Rihanna to its family, with her revolutionary fashion brand FENTY.
Photo Credit: Mark Squires
Founded in 1837 by Charles Lewis Tiffany with the opening of his first store in downtown Manhattan, the luxury jewelry brand quickly rose in the ranks as the leading luxury brand originating from the U.S., especially since solidifying itself as the go-to engagement ring brand in 1886, after establishing the the celebrated diamond ring as a symbol of commitment and love. Even its signature Tiffany Blue packaging became a recognizable symbol of luxury.
Photo Credit: Tiffany & Co.
“Tiffany has been focused on executing on our key strategic priorities to drive sustainable long-term growth,” began Alessandro Bogliolo, CEO of 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.”
The acquisition of Tiffany will further LVMH’s placement in the luxury jewelry and timepiece sector, and increase its footprint within the U.S. For more information, please visit lvmh.com or click here.
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