Louis Vuitton buys Tiffany & co for $16bn

Louis Vuitton buys Tiffany & co for $16bn

The world’s biggest luxury goods company is buying US-based jeweller Tiffany & Co for more than $16bn.

The deal gives LVMH’s billionaire owner Bernard Arnault a bigger slice of one of the fastest growing luxury sectors.

He said Tiffany had an “unparalleled heritage” and fitted with its other brands, Louis Vuitton and Bulgari.

Tiffany has suffered falling jewellery sales, hit by lower spending by tourists and a strong US dollar.

Tiffany is something of a New York institution and its flagship store is next to Trump Tower on 5th Avenue. The company hit global fame after being featured in the 1961 Audrey Hepburn film Breakfast at Tiffany’s.

Founded in 1837, it employs more than 14,000 people and operates about 300 stores.

Mr Arnault has coveted the business since buying the Bulgari brand in 2011 for $5.2bn. The Tiffany

Idowu Babalola Photo
Idowu Babalola

Socially Not Social. IG & Twitter - @Idbragga

All author posts
Related Posts
Tiwa Savage and Ayra Starr perform ‘Stamina’ at event
Tiwa Savage and Ayra Starr perform ‘Stamina...

Tiwa Savage and Ayra Starr delivered a memorable performance of their hit song “Stamina” in Sierra Leone, leaving the...

FIFA imposes SIX months ban on Samuel Eto’o
FIFA imposes SIX months ban on Samuel Eto’o

The FIFA Disciplinary Committee has handed Samuel Eto’o, president of the Cameroon Football Federation (FECAFOOT), a six-month ban from...

Kizz Daniel tells fans to stop asking for Money
Kizz Daniel tells fans to stop asking for Mon...

Kizz Daniel has put his fans on notice, asking them to refrain from requesting financial assistance from him amid...

Write A Comments