European multinational luxury goods giant Louis Vuitton Group (LVMH) announced on 8th that it had completed its merger and acquisition deal with American jewelry brand Tiffany (Tiffany). This is largest M&A deal in history for Tiffany, which was founded in 183. years officially said goodbye to its independence.
LVMH said in a statement that acquisition of Tiffany will bring big changes to group's watch and jewelry department. Chairman and CEO Bernard Arnault also said in a statement that he is very keen to welcome excellent people at Tiffany and group. Tiffany is an iconic global brand confident in its ability to drive growth and innovate.
LVMH is world's largest luxury goods group with 75 sub-brands, including wine, fashion and leather goods, perfumes and cosmetics, watches and jewelry, and boutique retail.
LVMH announced acquisition of Tiffany in 2019. In September 2020, hit by epidemic, LVMH once decided to end its acquisition of Tiffany, but parties later reached a new agreement. The purchase price was reduced from original US price. $135 per share to $131.5 The purchase price fell to $15.8 billion, but remains largest acquisition in luxury goods market.
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LVMH said Ludroi, LV's senior executive, will return to Tiffany as CEO, while Alexandre, second son of LV CEO Arnaud, will become Tiffany's executive vice president of products and public relations. . As for former Tiffany chief executive, Baoli Ou Luo will leave company after transfer task is completed.
LVMH already owns big-name brands like LV, Dior and Bulgari and is now even stronger with acquisition of Tiffany.