LVMH, the French luxury conglomerate, has acquired American jeweler Tiffany & Co. for $16.2 billion. This marks the most expensive acquisition for LVMH.
LVMH, the world’s biggest luxury group, is home to 75 different brands, including Christian Dior, Bulgari, Louis Vuitton, Celine and Givenchy.
This acquisition will strengthen LVMH's jewelry and watch lineup and will also bolster the French company's presence in the United States, which accounts for about a quarter of its revenue.
Bernard Arnault, Chairman and Chief Executive Officer, LVMH, said, “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.”
This deal is one of the largest in the career of LVMH Chief Executive Officer Bernard Arnault, Europe’s richest man, and in the history of the luxury sector.
“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,” Arnault added.
The agreement between the two brands was expected since October when LVMH reached out to Tiffany with an unsolicited offer to the tune of $14.5 billion.