LVMH completes acquisition of Tiffany & Co and says deal will “deeply transform” Watches & Jewelry arm

FRANCE/USA. Luxury goods group LVMH Moët Hennessy Louis Vuitton has completed the acquisition of jeweller Tiffany & Co, describing the move as one that will “deeply transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Maisons”.

As reported, in October the two companies struck an updated deal that valued Tiffany at around US$15.8 billion, lower than the originally agreed price in late 2019. Tiffany shareholders approved the deal on 30 December.

LVMH Chairman and Chief Executive Officer Bernard Arnault commented: “I am pleased to welcome Tiffany and all their talented employees in our group. Tiffany is an iconic brand and a quintessential emblem of the global jewellery sector. We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years.

“We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories. I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”

The acquisition of Tiffany will “deeply transform LVMH’s Watches & Jewelry division” says the French luxury goods group (Tiffany & Co pictured at Sydney Airport)

LVMH has announced several leadership appointments and changes at Tiffany:

  • Anthony Ledru, previously Executive Vice President, Global Commercial Activities at Louis Vuitton and formerly Senior Vice President of North America at Tiffany, becomes Chief Executive Officer of Tiffany, effective immediately.
  • Alexandre Arnault (son of Bernard Arnault), previously Chief Executive Officer of luggage company Rimowa, becomes Executive Vice President, Product and Communications of Tiffany, effective immediately.
  • Michael Burke, Chairman and Chief Executive Officer of Louis Vuitton, will become Chairman of Tiffany Board of Directors.
  • Alessandro Bogliolo, current Chief Executive Officer of Tiffany, has agreed to remain with the company to facilitate the transition through 22 January 2021, after which time he will depart the company.
  • Reed Krakoff, Chief Artistic Director, and Daniella Vitale, Executive Vice President and Chief Brand Officer of Tiffany, will depart Tiffany after a short transition of responsibilities.

Anthony Ledru said: “I am delighted to re-join Tiffany, the most iconic American luxury brand which I have long admired. The inclusiveness and optimism upon which Tiffany was founded resonate now more than ever. I also come back to a Maison that is at the forefront of the environmental and sourcing standards in its industry. Going forward, I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy and apply the highest standards of retail excellence to Tiffany. The potential ahead is limitless, and I look forward to writing this next deeply promising chapter, along with the 14,000 Tiffany employees around the world.”

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