STEPHANE DE SAKUTINGetty Images
Iconic jewelry label Tiffany and Co. has officially joined the LVMH Moët Hennessy Louis Vuitton family after a bidding war that culminated in the luxury goods group acquiring the jeweler for a whopping $16.2 billion.
According to WWD, LVMH latest move marks the group’s biggest purchase to date. LVMH’s acquisition of the 182-year-old luxury house “will strengthen LVMH’s position in jewelry and further increase its presence in the United States,” the brand explained in a statement released this morning, November 25, adding that Tiffany will help to strengthen LVMH’s jewelry division and other luxury brands. LVMH was bidding against Richemont, the Swedish luxury goods holding company behind Cartier, Van Cleef & Arpels, and Piaget, among others.
Tiffany and Co. was founded in 1837 and became famous for its robin’s egg blue boxes. Audrey Hepburn also helped to put the luxury jeweler on the map, thanks to her Breakfast at Tiffany’s character Holly Golightly who dined at the famed location in the movie.
“We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family,” LVMH CEO Bernaud Arnault added. “We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”
Tiffany and Co. joins LVMH houses Celine, Christian Dior, Emilio Pucci, Fendi, FENTY, Givenchy, Kenzo, as well as the company’s jewelry division, which includes Bvlgari, Chaumet, Hublot and more.