The acquisition cost a whopping 16.2 billion.
LVMH, the luxury group that owns the likes of Louis Vuitton and Sephora, has added another top-name to its assemblage. The group acquired jeweler Tiffany & Co. for 16.2 billion, making this its largest acquisition yet.
Bernard Arnault, who has controlling ownership of the group, stated: “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 deal is supposed to close mid 2020.