French luxury group LVMH Moët Hennessy – Louis Vuitton (LVMH) has agreed to buy iconic New York jeweler Tiffany & Co. for $16.2 billion and will bolster its presence in the United States.
Image Credits : Unspalsh
LVMH said both companies boards approved the deal and hope to finalize the takeover in 2020, subject to the approval of regulators and Tiffany shareholders.
The deal will strengthen its position in high-end jewelry and in the US market. The purchase gives the French conglomerate a new addeds strength in its already distinctive group of companies.
LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer. Its flagship brand Louis Vuitton recently opened a handbag workshop in U.S.