CrimeJun 27, 2022
JSA Warns of ‘Pandemic’ of Distraction Thefts Nationwide It cited two recent cases in California, plus incidents in Florida, Kansas, and Illinois.
MajorsNov 25, 2019
LVMH, Tiffany & Co. Make It Official
The French luxury titan acquired the iconic American jeweler in a $16.2 billion deal.
The Tiffany & Co. flagship store on Fifth Avenue, set to undergo renovations after the holidays. The jeweler was acquired by luxury conglomerate LVMH in a deal valued at $16.2 billion.
Paris—LVMH Moët Hennessy Louis Vuitton scooped up Tiffany & Co. over the weekend in a deal valued at $16.2 billion, the luxury titan announced Monday.
The acquisition brings the American jeweler under LVMH’s umbrella, adding to stable of high-powered brands that already includes Bulgari, TAG Heuer and Hublot.
LVMH expects the addition of Tiffany to strengthen its position in the jewelry market and bolster its presence in the United States, the company said in a press release about the acquisition.
Rumors of a potential deal began rumbling last month, prompting Tiffany to confirm it had received an unsolicited bid for $120 per share, valuing the company at $14.5 billion.
Tiffany reportedly entered preliminary discussions with LVMH and asked the company to up the bid, which it raised to $130 per share.
The final deal was for $135 per share, or $16.2 billion, one of the largest transactions in LVMH’s history.
Founded in 1837 by Charles Lewis Tiffany, the first Tiffany store opened in downtown Manhattan. The luxury brand slowly built an empire, expanding to more than 300 stores across the globe.
LVMH CEO Bernard Arnault described the retailer as having “an unparalleled heritage and unique position in the global jewelry world.”
Flavio Cereda, an equity analyst at Jeffries, stated in a note prior to the deal announcement that Tiffany’s “brand equity and the strength of the image of its iconic 1837 Blue Box are more valuable than the current financials suggest.”
Cereda said LVMH can leverage these to target the Asian millennial market, which would mean a “rethinking of the current product mix and its U.S. footprint, in our view.”
Tiffany CEO Alessandro Bogliolo noted the company has been striving for “sustainable, long-term growth” and said the acquisition will “provide further support, resources and momentum for those priorities as we evolve toward becoming the next generation luxury jeweler.”
The boards of directors of both companies have approved the transaction. Tiffany’s board recommended its shareholders give it the green light as well.
The deal is expected to close mid-2020 and is subject to approval from Tiffany’s shareholders, regulatory approval, and other customary closing conditions.
Citi and J.P. Morgan serve as financial advisors to LVMH while New York-based law firm Skadden, Arps, Slate, Meagher & Flom serves as legal counsel.
Centerview Partners and Goldman Sachs are Tiffany’s financial advisors and New York-based law firm Sullivan & Cromwell serves as legal counsel.
More on Majors
The Latest
IndependentsJun 27, 2022
Lewis Jewelers Set to Open New Ann Arbor Store This SummerThe 10,000-square-foot location allows for expanded collections from design partners while continuing custom design and other services.
CollectionsJun 27, 2022
This Designer Has Found a New Way to Bring Gemstones to LifeSvetlana Lazar’s “Wishing Well” collection utilizes an innovative component to mimic the movement of water beneath them.
Brought to you by
Preparing for Proposal Season with High-Quality, A.I.-Graded Natural Diamonds Rare & Forever is helping to create an enjoyable diamond buying experience for the millions of newly-engaged couples.
Weekly QuizJun 23, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
Recorded WebinarsJun 24, 2022
Vegas Jewelry Recap: The Editors Weigh InWatch the webinar in which National Jeweler’s editors talk about jewelry market week trends and their predictions for the rest of 2022.
MajorsJun 24, 2022
Banter by Piercing Pagoda Celebrates Pride with ‘SayGay’ NecklaceAll proceeds up to $25,000 will benefit the It Gets Better Project, a nonprofit that supports LGBTQ+ youth.
Brought to you by
Discover The Extraordinary Italian Jewelry In Las Vegas!Experience all the Italian Jewelry market has to offer in Las Vegas.
CollectionsJun 24, 2022
Piece of the Week: Marie Lichtenberg’s Hidden Message LocketIt’s a reminder that life is best lived with discretion.
TechnologyJun 24, 2022
Cloud-Based POS Software Jewel360 Launches for Jewelry RetailersThe end-to-end software allows for real-time control over all sales, inventory, repairs, customer communications, and marketing.
EditorsJun 23, 2022
Antique Show Observations From a First-Time AttendeeAssociate Editor Lenore Fedow shares her impressions of the Las Vegas Antique Jewelry & Watch Show and a few of her favorite finds.
GradingJun 23, 2022
AIGS Launches Grading Report for ‘Santa Maria’ AquamarineThe Asian Institute of Gemological Sciences aims to set a color standard for the trade name.
SourcingJun 23, 2022
Rough Diamond Sales Rise Again for De Beers Sales were up 36 percent year-over-year in June and are pacing 24 percent ahead of last year at this point.
AuctionsJun 23, 2022
Auction House Freeman’s Appoints First Rep in Florida Kate Della Monica, a senior specialist in the Jewelry and Watches department, will relocate to the Sunshine State.
Lab-GrownJun 22, 2022
LVMH Luxury Ventures Sinks Money Into Lab-Grown Diamond Start-UpLVMH’s investment arm has taken a stake in Lusix, a lab-grown diamond company based in Israel.
AuctionsJun 22, 2022
Here’s How Two 100-Plus-Carat Diamonds Did at AuctionSotheby’s New York put a colorless diamond and a fancy deep orange-brown diamond up for sale last week, with mixed results.
CrimeJun 22, 2022
Leviev Diamonds Launches Bracelet to Help ‘Tinder Swindler’ Victims Profits will help them recoup financial losses.
MajorsJun 22, 2022
Swarovski Names First Non-Family CEORetail veteran Alexis Nasard will step in as CEO on July 4.
SourcingJun 22, 2022
Edward Asscher to Remain WDC President for Another YearThe organization also extended the terms of Vice President Feriel Zerouki and Treasurer Ronnie VanderLinden.
ColumnistsJun 21, 2022
State of the Majors 2022: Reflections on ResilienceAfter suffering a professional setback, columnist Peter Smith reflects on our ability to bounce back even when the hits keep on coming.
IndependentsJun 21, 2022
Jeweler Tommy Glatz, Known for Being Creative and Kind, Dies at 68Glatz owned and operated Glatz Jewelers in Aliquippa, Pennsylvania for more than 40 years.
Events & AwardsJun 21, 2022
24 Karat Club of Southern California Will Honor These Industry LeadersThe organization will present three awards at its annual dinner, dance, and gala in October.
MajorsJun 21, 2022
David Yurman Hires Chief of People, StrategyFormer McKinsey partner Emily Yueh marks new president Evan Yurman’s first hire.
TrendsJun 17, 2022
Britney Spears Wore Over $500K of Stephanie Gottlieb Diamonds at Her WeddingThe New York jeweler also made the pop star’s wedding bands.
AuctionsJun 17, 2022
5-Carat Paraiba Tourmaline Ring to Hit the Auction BlockIt’s predicted to sell for up to $484,000 during the Bonhams Hong Kong Jewels and Jadeite auction on June 22.
Events & AwardsJun 17, 2022
WJA Foundation to Offer Tech Scholarships for Women of ColorThe recipient will receive up to $17,500 toward a tech-focused certification or program of their choice.
CollectionsJun 17, 2022
Piece of the Week: Gemella’s ‘Stella’ NecklaceIt’s as versatile as it is glamorous.
