Monday, November 25, 2019

Louis Vuitton buys Tiffany & co for $16bn

The world's biggest luxury goods company is buying US-based jeweller Tiffany & Co for more than $16bn.

The deal gives LVMH's billionaire owner Bernard Arnault a bigger slice of one of the fastest growing luxury sectors.

He said Tiffany had an "unparalleled heritage" and fitted with its other brands, Louis Vuitton and Bulgari.

Tiffany has suffered falling jewellery sales, hit by lower spending by tourists and a strong US dollar.

Tiffany is something of a New York institution and its flagship store is next to Trump Tower on 5th Avenue. The company hit global fame after being featured in the 1961 Audrey Hepburn film Breakfast at Tiffany's.

Founded in 1837, it employs more than 14,000 people and operates about 300 stores.

Mr Arnault has coveted the business since buying the Bulgari brand in 2011 for $5.2bn. The Tiffany acquisition is LVMH's biggest deal.

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