LVMH is buying 182-year-old Manhattan-based jewelry company Tiffany & Co. LVMH will pay $135 per share, valuing Tiffany at about $16.2 billion. According to reports, the deal is one of the largest yet in the luxury sector.
LVMH has 75 brands, including Christian Dior and Bulgari. The deal could help Tiffany’s efforts to connect with Millennial consumers and bolster LVMH’s jewelry and watch lineup as well as its presence in the U.S.
Tiffany employs 14,000 people and operates 300 stores around the globe. The deal is expected to close in the middle of 2020.