Louis Vuitton owner LVMH has agreed to buy U.S. jeweler Tiffany for $16.2 billion in the luxury goods maker's biggest acquisition to date
PARIS - Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet, as the French luxury goods maker bets it can restore the U.S. jeweller's lustre by investing in stores and new collections.
But the New York-based brand, founded in 1837 and known for its signature robin's egg blue boxes, still has a resonance as the go-to purveyor of engagement rings only a handful of rivals can match, such as Richemont-owned Cartier. Not all are profitable to the same degree - the group is still trying to revive its Marc Jacobs label - but Arnault cited the firm's 2011 acquisition of Bulgari as a model for Tiffany.
Tiffany said in a joint statement with LVMH that its board of directors recommended shareholders approve the transaction.
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LVMH reportedly nears deal to acquire Tiffany for $16.3 billion - Business InsiderSources familiar with the matter told Reuters that a deal between LVMH and Tiffany could be announced on Sunday or Monday.
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France's LVMH close to buying Tiffany after sweetening offer: sourcesFrance's LVMH nears deal to buy U.S. jewelry chain Tiffany for about $16.3 billion: sources
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LVMH reaches deal to acquire Tiffany for $16.3 billionThe boards of the luxury firms have been discussing a potential deal since last month, and will meet on Sunday to approve a final plan.
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