French luxury giant LVMH Moet Hennessy Louis Vuitton says it has reached a deal to buy U.S.-based jewelry legend Tiffany & Co for $16.2 billion.
PARIS — French luxury giant LVMH Moet Hennessy Louis Vuitton said Monday it has reached a deal to buy U.S.-based jewelry legend Tiffany & Co for $16.2 billion.
The conglomerate said both companies’ boards approved the deal and hope to finalize the takeover in 2020 subject to the approval of regulators and Tiffany shareholders.LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer. The purchase would also give LVMH a much broader foothold in the United States and broaden its offerings in jewelry.
The offer comes as luxury goods companies have been wrestling with changing habits of shoppers who are increasingly buying online. They’re also purchasing second-hand luxury items from places like The RealReal.com.
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