LVMH agrees $16.2bn deal to buy U.S. jeweller Tiffany

LVMH agrees $16.2bn deal to buy U.S. jeweller Tiffany”

"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". Arnault - Europe's richest person - sought to woo Tiffany, which would expand LVMH's access to US luxury shoppers, with an increased $130 bid just days ago, people with knowledge of the situation said at the time.

Such a deal has been seen as way ahead for Tiffany, which has trailed rivals in terms of sales growth in recent years.

Roger Farah, chairman of Tiffany, said: "Following a strategic review that included".

The addition of Tiffany to LVMH's jewellery holdings that already includes Bulgari, Chaumet, Tag Heuer and Hublot will help it in its rivalry with Swiss-based Richemont, which holds Cartier among other brands, as well as lift LVMH's stature in the important American market.

It represents a 7.5-per-cent premium over Tiffany's closing share price on Friday and is more than 50 per cent higher than where the price stood before LVMH launched its effort to woo the company.

The two sides are close to an agreement after the French luxury goods company raised its offer price for the company known for its engagement rings and ties to Hollywood glamour to US$135 per share, sources familiar with the matter said. Tiffany, founded in NY in 1837 and featured in the 1961 movie "Breakfast at Tiffany's", had struggled with falling annual sales and profit since 2015, before a revenue turnaround in 2017. LVMH's last major deal in that area was in 2011, when it acquired the Bulgari brand. They were trading around $90 per share at the beginning of October, before LVMH first began to make overtures to Tiffany's management.

Alessandro Bogliolo, the Tiffany & Co chief executive said: "As part of the LVMH group, Tiffany will reach new heights, capitalising on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values".

Like this



25 November 2019
Alabama sheriff fatally shot, suspect in custody after a statewide manhunt
Jarrett confirmed to news outlets that Johnson approached the shooting scene just after midnight, and had a handgun with him. The state's governor, Kay Ivey , had confirmed the news of Williams' death via Twitter Saturday night. "He knew everybody.

25 November 2019
Uber's London licence hangs in the balance on expiry day
Uber says a unfold of latest safety parts were offered to its app in the previous two years. London's transport regulator said Uber was not "fit and proper" to hold the licence .

25 November 2019
Woman charged with Qld toddlers' murder
The minister did not respond to questions as to whether there would be a child death case review. Thousands of people have commented and shared their tributes for the sisters aged one and two.

25 November 2019
American Music Awards 2019: They wore that? Red carpet photos and fashions
Taylor Swift and Halsey were shown on camera dancing and singing along in the audience. Swift has won 23 AMAs, which makes her the female artist with the most awards.

25 November 2019
Major Officiating Controversy In Saints-Panthers Game
Everybody knows what we need to do in order to accomplish whatever it is we need to accomplish to go win the game. New Orleans was screwed on a missed call in the playoffs past year .

25 November 2019
Marvel Comic Number 1 Sells For Record Price
According to Heritage Auctions, this issue was originally purchased in Uniontown, Pennsylvania by a comic-collecting mailman. The comic book was first published by Timely Comics, created by Martin Goodman, which later became Marvel .

25 November 2019
Schiff says Trump engaged in 'serious misconduct'
Republicans and Trump have suggested that Schiff himself should be called to testify in a potential Senate trial. He also left open the door to more public hearings, declaring "we don't foreclose the possibility of others".

25 November 2019
Donald Trump accuses United States embassy official of lying to impeachment inquiry
In another, he offered a window into his political strategy ahead of an expected House vote to impeach him. I don't see him dealing with Kim Jong-un. "The FBI's never gotten that server", he exclaimed.

25 November 2019
Chinese spy seeks asylum in Australia with offer of state intelligence
The Herald said that, for now, Wang remained in limbo, awaiting a determination on his request for political asylum. 'Using an Australian citizen and basically run them as an agent of foreign influence in our democratic system.

25 November 2019
Former president of Ukraine reveals details of 2017 meeting with Rudy Giuliani
Speaking of Sondland, Trump said, "I hardly know him, OK?" Sondland "didn't put that in", Trump said. I think the Washington punditry is somewhat in a bubble on this. " ...