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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.
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