LVMH, the world’s biggest luxury group, is to take over Tiffany & Co, the US jeweller famed for its engagement rings and white diamond necklaces, in a $16.2bn (£12.6bn) deal.
Bernard Arnault’s luxury goods empire, with brands such as Louis Vuitton, Dior and Moët & Chandon, announced it had agreed to pay $135 a share in cash.
LVMH said the deal would transform its watches and jewellery division, which includes Bulgari, TAG Heuer and Hublot, and boost its presence in the US. It is the latest addition to the group’s 75 big brands, known as “maisons” or houses.
The French company wants to to restore shine to Tiffany, whose revenues have slowed due to lower tourist spending. Founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan, New York, the US jeweller now has more than 300 stores worldwide and employs more than 14,000 people.
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