Rumours circulated earlier this month that LVMH might be buying Tiffany & Co. The initial deal sat at $14.5 billion (Dhs53 billion), which was rejected for being too low. But today the acquisition has been confirmed at $16.2 billion (Dhs59.5 billion).
“We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our maisons," said LVMH’s Bernard Arnault.
LVMH has built up a large portfolio of luxury brands across different retail sectors, from fashion to perfume. Its brands include Louis Vuitton, Dior, Fendi, Bvlgari, Givenchy, Loewe and many more.
The French multinational conglomerate will pay $135 (Dhs495) per share in cash to the fine jewellery company.