That’s a hefty amount of deal!
In a report that was originally published by Business Of Fashion (BOF), LVMH has reached a $16.2 billion deal to buy American jeweller Tiffany & Co. The deal ends a month of speculation, after news that the French conglomerate had approached the storied jeweller leaked in October.
This latest acquisition, will transform LVMH’s position in the hard luxury division in the United States. According to BOF, the deal also allows LVMH to gain further ground on Swiss conglomerate Richemont, which owns Cartier and Van Cleef & Arpels, and has long dominated the hard luxury category.