Louis Vuitton owner LVMH completes $16bn takeover of Tiffany & Co
Louis Vuitton owner LVMH has completed its $16bn takeover of US jewellery brand Tiffany, the companies announced this afternoon.
The deal was almost derailed last year when LVMH attempted to abandon the acquisition, prompting Tiffany to take legal action against the luxury goods conglomerate.
Following the completion of the transaction, Louis Vuitton executive vice president of global commercial activities Anthony Ledru has been appointed as chief executive of Tiffany.
The jeweler’s current boss Alessandro Bogliolo will remain with the company until 22 January to aid the transition before stepping down from his role.
Alexandre Arnault, the son of LVMH chairman Bernard Arnault and ex-chief executive of luxury luggage firm Rimowa, has been hired to lead Tiffany’s product and communications division.
Louis Vuitton chief executive Michael Burke will become chairman.
Meanwhile, Tiffany chief artistic director Reed Krakoff and Daniella Vitale, chief brand officer, will depart the firm.
LVMH chairman and chief executive Bernard Arnault said: “We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years.
“We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories.”
Tiffany launched legal action against LVMH in September after the luxury goods giant said it would walk away from the $16bn deal to buy the jewellery firm.
It filed a lawsuit seeking to force LVMH to complete the merger after the French conglomerate said it could not finalise the deal due to a “succession of events” that had undermined the acquisition.