The world’s leading luxury group (“LVMH”) Louis Vuitton Moet Hennessy has reached an agreement with Tiffany & Co to acquire the global luxury retailer for $16.2 Billion or $132.00 per share in cash. Tiffany & Co was founded in 1837, and has since been a luxury leading brand from the U.S. with their worldwide iconic “Blue Box” with over 300 location around the world.
Chief Executive Officer and Chairman LVMH Bernard Arnault said, “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. 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.”
The acquisition of Tiffany’s by LVMH was approved by the board of directors of both companies with the recommendation by Tiffany’s board of directors to their shareholders, that they approve this very large and history making transaction.
The deal is set to close in the middle of 2020 pending regulatory conditions of the closing and Tiffany’s shareholders approval to cement the transaction. LVMH has a portfolio of brands that include: Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton, Bodega Numanthia and Ao Yun. Its Fashion and Leather Goods division includes Louis Vuitton, Christian Dior Couture, Celine, Loewe, Kenzo, Fendi and Givenchy.