A revolution in the world of jewelry and luxury: Tiffany becomes French. After the relaunch of Bernard Arnault, the American group accepted the offer of LVMH.
Tiffany has been focused on executing on our key strategic priorities to drive sustainable long-term growth. This transaction, which occurs at a time of internal transformation for our legendary brand, will provide further support, resources and momentum for those priorities as we evolve towards becoming The Next Generation Luxury Jeweller. As part of the LVMH group, Tiffany will reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values.
Alessandro Bogliolo, CEO of Tiffany & Co
The agreement provides that Lbmh will acquire Tiffany for a value of 14.7 billion euros, equivalent to 16.2 billion dollars, or 135 dollars per share. And in cash. Tiffany had rejected the first offer, but leaving the door open for a raise. Which happened.
Following a strategic review that included a thoughtful internal process and expert external advice, the Board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders.
Roger N. Farah, chairman of the Tiffany board of directors
The acquisition of Tiffany is LVMH’s largest business and, obviously, it will strengthen its position in the jewelery market, as well as increasing its presence in the United States. Tiffany is a global brand and will join Maison such as Bulgari, Chaumet or Dior, which are already part of LVMH.
We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. 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. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.
Bernard Arnault, president and CEO of LVMH