It's official: LVMH has finalized its purchase of TiffanyAndCo.
, snapping up the luxury jewelry retailer for $16.2 billion. The deal marks the French conglomerate’s largest acquisition ever, which is saying something consider the French conglomerate already owns Louis Vuitton and Dior amongst other iconic brands.
Back in October, reports surfaces that they were in talks after LVMH reached out with an initial offer of $14.5 billion . And now that the deal is finalized, it’s generally been regarded as a coup for both companies: LVMH can help Tiffany grow and connect with younger, hipper audiences, while Tiffany will make LVMH a major competitor in the jewelry sector while increasing the company’s foothold into American markets .
“Following a strategic review that included a thoughtful internal process and expert external advice, the board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders,” Roger N. Farah, chairman of Tiffany’s board of directors, said in a statement.
“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,” said LVMH chairman and CEO Bernard Arnault, the wealthiest person in Europe and the third-richest person in the world.
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