LVMH completes acquisition of Tiffany & Co.
Paris-based luxury conglomerate says $15.8bn purchase will "deeply transform" its watches and jewellery division
Luxury group LVMH Moët Hennessy Louis Vuitton SE has completed its purchase of iconic US jewellery firm Tiffany & Co. in a deal understood to be worth around $15.8bn (£11.6bn).
LVMH, which first announced the takeover over a year ago, revealed in a statement this week that it had agreed terms with Tiffany following a lengthy delay due to Covid-19 pandemic-related complications.
The Paris-based luxury products brand will also appoint a new team to head the jewellers, including former Louis Vuitton US excutive Anthony Ledru, who will become chief executive immediately, and Alexandre Arnault – son of LVMH chief executive Bernard Arnault – who will take on the role of executive vice president of product and communications
In a statement, Bernard Arnault insisted the deal would "deeply transform" LVMH's watches and jewellery division.
“I am pleased to welcome Tiffany and all their talented employees in our group," he said. "Tiffany is an iconic brand and a quintessential emblem of the global jewellery sector."
"We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years."