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The biggest deal in the luxury sector is worth a cool $16.6 Billion. After the luxury giant, LVMH purchases the Tiffany & Co entirely.
The Financial Times reporter Arash Massoudi broke the news on Twitter. Announcing that the LVMH fashion company deal with Tiffany & Co was finalized. In fewer than 24-hours after revealing that LVMH were merely interested with a starting bid. For a total sum of $16.6 billion purchase bid brought an end to 182 years of independence of one of New York’s most influential accessory stores.
Founded in 1837 by Charles Lewis Tiffany, with his signature teal and white robin’s-egg blue packaging the company has been said to be re-focusing its goals under their new leadership. The purchase taps into an expansion of the brand, mainly throughout Europe and the Asian market. The purchase adds to the list of LVMH branded families, bringing their collection to 75 brands. Including Moet & Chandon, Veuve Cliquot Pnsardin, Krug, Glenmorangie, Givenchy, TAG Heuer, Bulgari, and recently with the announcement adding Rihanna to an exclusive deal as the first lady of the brand. It currently housed 156,000 employees and a network of more than 4,590 stores.
“Tiffany is an American icon,” Mr. Arnault told the FT on Monday. (Mr. Arnault is the group managing director at LVMH)