(Photo Credit: Shutterstock)
Tiffany and Co. joins LVMH family
The Louis Vuitton Moet Hennessy luxury goods company just added another member to their family of luxury goods, jewelry giant Tiffany & Co. After fighting a long bidding war between several companies LVMH walked away with the new acquisition for a cool $16.2 billion deal.
On the lmvh Instagram page, they posted the iconic Tiffany & Co. logo with the signature Pantone Tiffany blue frame with a quote from LVMH CEO Bernard Arnault, “We are delighted to have the opportunity to welcome Tiffany to the LVMH family.” LVMH wanted to acquire the infamous jewelry brand to strengthen its presence in the United States and its position in the jewelry industry.
This new acquisition is also set to invigorate LVMH’s jewelry division along with affiliated luxury brands. LVMH took on the Swedish luxury goods holding company, Richemont, that owns Piaget, Van Cleef & Arpels, Cartier, and more. Arnault says that LVMH will continue to carry on the ideal Tiffany’s is known for and is working to have Tiffany’s continue to thrive for centuries to come.
The new deal is also set to meet the resurging global diamond demand and help with overseas sales. LVMH’s plan consists of three goals to improve the retail network, increase the brand’s value, and expanding product offerings. For now, LVMH hasn’t disclosed its plans to close any current store locations, as LVHM is known for shutting down stores that don’t perform well in the dedication to finding top retail locations in major markets.
-
Credit: Shutterstock This is the kind of market reaction investors often hope for: strong economic data without a panic... -
Wall Street kicked off the second quarter with one of its strongest opening sessions in months, delivering a sharp...
-
Where it begins There is a particular kind of developer in Philadelphia that does not announce itself loudly. Rather,...
-
Indian stock markets posted strong gains on March 25, signaling renewed confidence among investors after a period of volatility...
-
The latest Federal Reserve meeting landed right in the middle of a sensitive moment for markets. On March 18,...
-
Technology stocks staged a notable rebound in early March as investor confidence returned to the artificial intelligence sector. Strong...
-
Several universities in Hong Kong have expressed support for a government plan to launch short term study tours designed...
-
Credit: Shutterstock When Albert Einstein reportedly called compound interest the “eighth wonder of the world,” he wasn’t talking about...
-
Credit: Shutterstock If “Trump Accounts” weren’t on your radar before, they probably are now. After a high-profile Super Bowl...
-
Credit: Shutterstock Gold prices surged to a historic high this week, crossing the $5,300 per ounce threshold as strong...
-
Credit: Shutterstock Bitcoin, the world’s largest cryptocurrency, has stumbled below the closely watched $89,000 level, reminding investors just how...
-
Credit: Shutterstock Bitcoin is back in the spotlight — and it’s making waves. The world’s largest cryptocurrency surged past...
