Majors

Tiffany Shareholders Approve LVMH Acquisition

MajorsFeb 05, 2020

Tiffany Shareholders Approve LVMH Acquisition

LVMH CEO Bernard Arnault called the approval a “significant milestone” in completing the deal.

The Tiffany & Co. flagship store on Fifth Avenue, which is currently under renovation. The jeweler’s shareholders agreed to an acquisition by luxury conglomerate LVMH. (stock image)

New York—Tiffany & Co. shareholders voted in favor of the jeweler’s acquisition by LVMH during a meeting held Tuesday morning at its Fifth Avenue headquarters.

The French luxury titan proposed a deal this November to acquire the American jeweler for $16.2 billion.

RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry Industry

The board of directors of both Tiffany and LVMH had already approved the acquisition and recommended shareholders do the same.

“This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewelry market,” said LVMH CEO Bernard Arnault in a statement announcing the decision.

LVMH said previously it expects the brand to bolster its presence in the jewelry market, particularly in the United States.

LVMH’s portfolio of watch and jewelry brands includes Bulgari, Chaumet, Hublot and TAG Heuer.

The Tiffany deal is expected to close in mid-2020, subject to stockholders’ approval as well as regulatory clearances and other customary closing conditions.

Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.

The Latest

EditorsMay 11, 2021
We Need to Change the Way We Talk About Lab-Grown Diamonds

As Pandora moves away from mined diamonds, here’s why the conversation needs to shift from personal preference to consumer education.

ColumnistsMay 11, 2021
The Smart Lab: Everything You Need to Know About Social Media Shopping

Smart Age Solutions’ Emmanuel Raheb touches on the social commerce opportunities available to help grow your business.

SourcingMay 11, 2021
Lucara Secures $220M in Financing to Take Mine Underground

The company has received credit-approved commitments from five financial institutions for the expansion of its Karowe Diamond Mine.

Brought to you by
How to Engage and Sell to Millennials

Millennials were once feared in the diamond industry, but now this younger generation has become today’s largest diamond buying demographic.

IndependentsMay 11, 2021
Halstead Announces Call for 2021 Grant Entries

The bead company awards cash and supplies annually to a new jewelry business.

Weekly QuizApr 29, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of May 3-7, 2021.
Take the Quiz
EditorsMay 10, 2021
GiGi Ferranti’s Graffiti-Inspired Collection Wows

The Brooklyn-based designer just took initial and heart pendants to a whole new level.

Events & AwardsMay 10, 2021
Register Now for AGA’s Virtual Conference Covering Diamonds

Its annual half-day event will be held on Thursday, June 3, from 11:30 a.m. to 2:00 p.m. EDT.

Brought to you by
A New Golden Age

Gold has had its share of ups and downs over the last 5 decades. Here’s why the metal is having another big comeback.

Events & AwardsMay 10, 2021
Diamonds Do Good Is Crowdsourcing a Special Design

The organization is asking designers to interpret growth, unity, and equality through jewelry.

×