Arnault could have bought almost anything. So why is he spending $16.2 billion to buy Tiffany & Co.?
Not only does he oversee the world’s fourth-largest fortune — pegged at $106.23 billion by Forbes — he leads LVMH Moët Hennessy Louis Vuitton, home to Louis Vuitton, Givenchy, Fenty, Christian Dior, Hublot, Bulgari and scores of other high-end brands.
The brand will move to a temporary base on 57th Street as the 10-story flagship, which opened in 1940 and was one of the first stores in the world to have central air-conditioning, will be shut down completely until 2021. The brand has operations in Belgium, Botswana, Mauritius, Vietnam and Cambodia, where people cut and polish rough diamonds from what it has described as “responsibly managed mines” in Botswana, Canada, Namibia, Russia and South Africa.
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