The largest transaction in the global luxury goods industry: LVMH announced the completion of the acquisition of Tiffany
On January 7, local time, LVMH, the world's largest luxury goods company, announced the completion of the acquisition of the American jewelry brand Tiffany.
Bernard Arnault, chairman and chief executive officer of LVMH Group, said in a press release issued on the same day that he is confident in Tiffany's ability to accelerate growth and innovation.
LVMH is the world's largest luxury goods group, with 75 brands in industries including wine, fashion and leather goods, perfume and cosmetics, watches and jewelry, and boutique retail.
In 2019, LVMH announced that it would acquire Tiffany.
In September 2020, due to the huge impact of the epidemic, LVMH once decided to stop the acquisition of Tiffany.
The following month, the two parties reached a new agreement, the purchase price fell from 135 US dollars per share to 131.5 US dollars.
Although the final purchase price fell to US$15.8 billion, it was still the largest acquisition in the history of the luxury goods market.
At the end of December 2020, Tiffany's shareholders approved the acquisition.
(Headquarters reporter Jia Yanning)