Tiffany snapped up by Louis Vuitton owner for $16bn

Tiffany snapped up by Louis Vuitton owner for $16bn
By: USA Posted On: November 25, 2019 View: 37

Tiffany snapped up by Louis Vuitton owner for $16bn

The luxury brand giant behind Louis Vuitton is to buy the jewellery powerhouse Tiffany in a deal worth $16.2bn (£12.6bn).

The agreed takeover offer by LVMH of $135 (£105) a share for the company - made famous by the 1961 film Breakfast at Tiffany's starring Audrey Hepburn - is far higher than the initial proposal of $120 (£93) made last month.

The move adds the US-based firm to a stable of high-end brands, including Christian Dior, Givenchy and Moet & Chandon.

Tiffany
Image: Founded in 1837, the brand is one of the best-known names in the sector, but has been struggling

It comes eight years after LVMH - controlled by French billionaire and Europe's richest man Bernard Arnault - bought Italian jeweller Bulgari for €3.7bn (£3.2bn) 2011.

"The acquisition of Tiffany will strengthen LVMH's position in jewellery and further increase its presence in the United States," the companies said in a joint statement.

Audrey Hepburn during filming for Breakfast at Tiffany's in New York in 1961
Image: Audrey Hepburn during filming for Breakfast at Tiffany's in New York in 1961

Tiffany boss Alessandro Bogliolo said the transaction would "provide further support, resources and momentum".

The companies said they expected to close the deal in mid-2020, subject to the approval of regulators and shareholders.

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Founded in New York in 1837, the brand is one of the best-known names in the sector, but has been struggling with stagnating sales as China's economic woes have weighed on spending by Chinese tourists, who make up a large proportion of luxury goods shoppers.

The strong dollar has also made Tiffany goods more expensive for consumers outside the US.

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