The World Is Not Enough does not only apply to James Bond… It could also work for Bernard Arnault, the CEO of the world’s largest luxury group: LVMH. Already the owner of some of the most prestigious fashion, leather goods, hotels, vineyards, perfumes, department stores and watch/jewellery brands, the French group has just announced a new name in its massive (to say the least) portfolio this morning… LVMH is about to acquire Tiffany & Co., the leading U.S. jewellery brand.
Tiffany & Co. is one of the world’s leading jewellery brands. Founded in New York City by Charles Lewis Tiffany in 1837, the brand has since become “synonymous with elegance, innovative design, fine craftsmanship and creative excellence”. Today, with more than 14,000 employees, Tiffany & Co. and its subsidiaries design, manufacture and market jewellery, watches and luxury accessories – including more than 5,000 skilled artisans who cut diamonds and craft jewellery in the company’s workshops. The company operates more than 300 retail stores worldwide as part of its omnichannel approach.
While rumours had been circulating for months, LVMH today officially announced reaching an agreement to acquire Tiffany & Co. for USD 135 per share in cash, in a transaction with an equity value of approximately EUR 14.7 billion or USD 16.2 billion. Tiffany & Co. will join the other jewellery brands of LVMH in the Watches and Jewellery division, comprising Bvlgari, TAG Heuer, Chaumet, Dior Watches, Zenith, Fred and Hublot.
And a question for collectors… Will we be seeing some double-signed Tiffany x Patek Philippe watches for sale in the American jeweller’s stores? Not sure!
More details in LVMH official press release here.