On Monday, it was announced that French luxury group LVMH will purchase the iconic New York jeweler Tiffany & Co. for $16.2 billion, buying the company at $132 per share, and taking over its 300 boutiques worldwide.
Tiffany, which is known for its signature blue boxes and high-end jewelry, namely wedding bands and rings, eyes long-term stability with LVMH’s acquisition. Billionaire Bernard Arnault, who leads LVMH, says the deal will strengthen its position in high-end jewelry and in the U.S. market
Tiffany has been stagnating in recent years, as it has branched out, trying to appeal to younger shoppers. The New York jeweler had sales of $4.4 billion in 2018, an increase of nearly 7% over 2017. LVMH reported 6.3 billion euros in profits in 2018 on 46.8 billion euros in sales.
Other high-fashion jewelry brands owned by LVMH include Bvulgari, Tag Heuer, and Fred.
The company also owns luxury brands Fendi, Celene, Christian Dior, Givenchy, Mark Jacobs, and most notably, Louis Vuitton. Other owned properties by the company include luxury champagne producer Moët & Chandon, French brandy distiller Hennesy Cognac, makeup giant Sephora, and multiple print publications