The acquisition is valued at about $16.2 billion, the companies said in a statement, and was announced around one month after LVMH first confirmed it was examining the possibility of a transaction with Tiffany.
“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 Jeweler," Tiffany CEO Alessandro Bogliolo said in a statement. "As part of the LVMH group, Tiffany will reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values."
Tiffany was established in the 1830s and now operates more than 300 stores worldwide, including a location in The Domain at 11601 Century Oaks Terrace, Austin.
LVMH controls dozens of brands in markets such as wine, spirits, fashion and leather goods. A Louis Vuitton store is located across the street from Tiffany in The Domain at 11600 Century Oaks Terrace, Ste. 104, Austin. LVMH said the Tiffany acquisition would increase its U.S. presence and expand its watches and jewelry division.
"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," LCMH Chairman and CEO Bernard Arnault said in a statement. "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.”
Tiffany and Louis Vuitton also operate stores in throughout Texas in the Dallas-Fort Worth, Houston and San Antonio areas. 512-835-7300. www.tiffany.com. 512-832-0327. www.us.louisvuitton.com