The purchase comes after weeks of back and forth negotiation between the two brands to reach a mutual decision. The initial bid rang in at $120 per share totaling upwards of $14.5 billion dollars. “We have 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,” CEO Bernard Arnault said in a statement regarding the purchase. The overall purchase will serve as a strong stride in LVMH remaining as the leading luxury group in the world, while inking its mark into the jewelry industry.
Very few details surrounding the new ownership have been released, but it’s no doubt the new daughter company will merge perfectly along the roster of LVMH’s catapulting success.