LVMH bids US$14.5bn to take over Tiffany & Co

Luxury goods giant LVMH, owner of Krug and Dom Pérignon, has reportedly offered American jeweller Tiffany & Co US$14.5 billion to take over the company.

LVMH has approached American jeweller Tiffany & Co with a US$14.5 billion takeover bid

As reported by the Financial Times, if the deal with the diamond specialist went ahead, it would be the largest acquisition in LVMH’s history.

The acquisition would increase the French luxury giant’s exposure in the US – the group’s second largest market by sales behind Asia.

Tiffany would join the likes of Dior, Bulgari, Fendi, Celine, Givenchy and Marc Jacobs in LVMH’s enviable portfolio of luxury fashion and drinks brands.

However, the FT reports that the deal may already have been scuppered due to it being announced by Bloomberg and picked up widely in the global press.

The deal would give LVMH more influence within the luxury jewellery sphere, following on from its 2011 acquisition of Italian jeweller Bulgari.

Tiffany & Co’s current CEO, Alessandro Bogliolo, spent 16 years at Bulgari, working his way up to become chief operating officer for the jeweller.

Tiffany has suffered of late from the perfect storm of reduced tourist spending, a strong US dollar and the ongoing trade war between America and China.

Founded by Charles Lewis Tiffany in 1837, Tiffany & Co is known for its pale blue boxes tied with a white ribbon, and flagship store on Manhattan’s Fifth Avenue, made famous by Truman Capote’s 1958 novella Breakfast at Tiffany’s, which was turned into a film in 1961 starring Audrey Hepburn.

According to the FT, the jeweller generated net sales of US$4.4bn last year and employs over 14,000 people around the world.

Led by the richest man in Europe, Bernard Arnault, LVMH boasts 75 luxury brands within its portfolio, over 4,590 stores and 156,000 employees.

One of the company’s most recent acquisitions is London-based hotel and travel group Belmond as it seeks to move towards experiential luxury.

Leave your reply

Most Recent Stories

Amuse-bouches: The latest restaurant news bites

In restaurant news: a High Court hospitality case against the government gets expedited, UK restaurant chain Six by Nico is accused of staff mistreatment, and chef Skye Gyngell opens a farm shop.  

New online grower Champagne retailer and wine club targets growth

Sip Champagnes, a new online retailer and wine club championing grower and small-scale Champagne producers, wants to target the UK on-trade and expand into Europe.

HK bar industry agrees to government proposal in exchange for reopening

The Hong Kong bar industry has agreed to accept the proposal from the government to ask patrons to keep their masks on and use a straw to drink alcohol if it will mean venues can reopen. 

Italian restaurant targeted by US sanctions in case of mistaken identity

An Italian restaurant found itself at the mercy of one of former US President Donald Trump's last sanctions after it was wrongly identified as being linked to a Venezuelan oil trafficker. 

California Wine Institute launches food and wine competition

The California Wine Institute has launched a new competition this month called Cook with California, which aims to show how well wines from the US state pair with British produce. 

Most Recent Stories

Amuse-bouches: The latest restaurant news bites

In restaurant news: a High Court hospitality case against the government gets expedited, UK restaurant chain Six by Nico is accused of staff mistreatment, and chef Skye Gyngell opens a farm shop.  

New online grower Champagne retailer and wine club targets growth

Sip Champagnes, a new online retailer and wine club championing grower and small-scale Champagne producers, wants to target the UK on-trade and expand into Europe.

HK bar industry agrees to government proposal in exchange for reopening

The Hong Kong bar industry has agreed to accept the proposal from the government to ask patrons to keep their masks on and use a straw to drink alcohol if it will mean venues can reopen. 

Italian restaurant targeted by US sanctions in case of mistaken identity

An Italian restaurant found itself at the mercy of one of former US President Donald Trump's last sanctions after it was wrongly identified as being linked to a Venezuelan oil trafficker. 

California Wine Institute launches food and wine competition

The California Wine Institute has launched a new competition this month called Cook with California, which aims to show how well wines from the US state pair with British produce.