Louis Vuitton took over jewelry giant Tiffany for 16 billion dollars.
Fashion,  News

Louis Vuitton took over jewelry giant Tiffany for 16 billion dollars.

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The LVMH holding company has announced the completion of the takeover process of the jewelry company Tiffany & Co for $15.8 billion and appointed a new management.

This is according to the holding company’s website, Reuters.

“I am pleased to welcome Tiffany and its talented employees to our group. Tiffany is a legendary brand and a significant emblem of the global jewelry market… We are optimistic about Tiffany’s ability to grow quickly, innovate and remain important in the memories and achievements of our customers,” LVMH chairman and CEO Bernard Arnault commented on the Tiffany purchase.

Tiffany director Alessandro Bogliolo will be replaced by Anthony Ledru, vice president of Louis Vuitton. Alexandre Arnault, son of owner Bernard Arnault and executive director of LVMH RIMOWA Holding, is now vice president of Tiffany. Michael Bourque, who was chairman and CEO of Louis Vuitton, became chairman of Tiffany’s board of directors.

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