After a month of wrangling over the final price tag, LVMH has made it official with news the Paris-based luxury conglomerate will acquire 182-year old American jewelry brand Tiffany for an eye-popping $16.2 billion.
The boards of both LVMH and Tiffany closed on the deal on Sunday (November 24, 2019) and the transaction is expected to finalize mid-year 2020, subject to final approval from Tiffany’s shareholders and regulatory approvals.
Commenting on the acquisition, LVMH CEO Bernard Arnault stated, “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.”
LVMH boasts about $50 billion is annual revenue with an impressive stable of prestige fashion brands including Christian Dior, Louis Vuitton, Fendi, Celine and Fenty. Within beauty, LVMH owns Sephora and Fenty Beauty by Rihanna. The company also boasts alcohol brands Dom Pérignon, Veuve Clicquot and Hennessy, among many others.