Tiffany received a takeover approach from LVMH Moët Hennessy Louis Vuitton, which is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands
By Ben Dummett and Suzanne Kapner Updated Oct. 28, 2019 4:41 am ET Tiffany & Co. has received a takeover approach from LVMH Moët Hennessy Louis Vuitton, which is seeking to add the iconic U.S. jeweler to its portfolio of upscale brands.
Buying Tiffany would increase Paris-based LVMH’s exposure to jewelry, one of the fastest-growing businesses in the luxury sector. The 182-year-old brand has been trying to rebuild its business after ousting its chief executive two years ago amid pressure from an activist investor. The stock, which had slumped near $60 in 2016, has been hovering around $100 for much of the past year.
But in recent quarters sales have slipped both in the U.S. and Asia. Excluding currency swings, comparable sales have declined from a year earlier for two straight quarters. In August, executives cautioned that the protests in Hong Kong and a macroeconomic slowdown could damp profits for the rest of the year.
LVMH, which has about $50 billion in annual revenue, also relies on Chinese shoppers for a chunk of its sales. But the conglomerate is so large and has so many brands—from Louis Vuitton to Dom Pérignon—that it has fared better than Tiffany in recent years. Revenue jumped in its latest quarter, showing little impact from the Hong Kong protests or the U.S.-China trade tensions.
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