Paris (AFP)

The jeweler Tiffany, that French LVMH will buy for $ 16.2 billion, is "an icon of America that becomes a bit French," said Monday to AFP Bernard Arnault, CEO of the world's number one luxury who signs the biggest acquisition in his history.

"This is a very well-known brand, one of the few global brands to have strong historical recognition, both in the US of course because it is its first market, but also in Asia," said the billionaire, who adds a 76th mark to LVMH's portfolio.

The two groups announced Monday in a joint statement to have "concluded a definitive agreement" for the acquisition of Tiffany by the world number one luxury, for about 14.7 billion euros, or $ 16.2 billion .

"This is an iconic brand, an icon of America that becomes a bit French, has a lot of potential and an incredible story," said Bernard Arnault.

While Tiffany has lost its luster in recent years, Mr. Arnault felt that "there have been ups and downs, so there is a lot to do, and we have some jewelry experience. : we have multiplied the operating profit of Bulgari by five since its acquisition in 2011, "he said.

Thanks to Tiffany, LVMH - which besides Bulgari also counts the jeweler Chaumet, bought in 1999 - will be able to better compete in high-end jewels - the only luxury sector where he was not number one - with his competitor (Swiss) Richemont, owner of the Cartier and Van Cleef & Arpels claws.

"High jewelery is developing, it's a bit like haute couture, and paradoxically in a world where there are a number of economic problems, but the most qualitative products, the most craft, attract more and more customers, it is to be compared with the overall rise in the standard of living in a whole series of countries that were far from being able to acquire this kind of products twenty years ago, "summarizes Mr. Arnault.

"Today, the attraction for the most sophisticated products is increasing, which also explains the growth of the LVMH group as a whole," he said.

For Bernard Arnault, those who buy jewelry "are consumers who, contrary to fashion, are interested in sustainability and buy a jewel to keep it but also to transmit.When you buy a beautiful dress, it is rare that after a few decades, this dress remains relevant, "he summarized.

© 2019 AFP