However, their optimistic outlook comes with a hint of caution due to a number of factors out of their collective control.
Tiffany CEO, Artistic Director Out As LVMH Acquisition Closes
Alessandro Bogliolo, Reed Krakoff and Chief Brand Officer Daniella Vitale are leaving the jeweler as new management takes over.
New York—The Tiffany & Co. and LVMH saga has come to a close.
With legal battles and price negotiations settled, the French luxury titan has finalized its acquisition of Tiffany in a deal valued at $15.8 billion.
Tiffany delisted from the New York Stock Exchange Thursday as it prepares to move under LVMH’s umbrella of luxury brands.
“Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector,” said LVMH CEO Bernard Arnault in a statement.
“We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories.”
With the acquisition complete, LVMH is shaking up the jeweler’s executive ranks.
CEO Alessandro Bogliolo will leave the company Jan. 22.
Anthony Ledru will become the new CEO of Tiffany.
He is not new to the jeweler. He was Tiffany’s senior vice president of North America for a little over a year, from June 2013 to December 2014.
Most recently, he served as executive vice president of global commercial activities at Louis Vuitton and, prior to that, president and CEO of Louis Vuitton Americas.
Ledru also was the global vice president of sales for Harry Winston International.
He began his luxury career at Cartier in 1999, starting in Latin America and then moving to the United States, where he served as vice president of retail for the company’s North American business.
Tiffany Chief Artistic Director Reed Krakoff and Executive Vice President and Chief Brand Officer Daniella Vitale—the former Barneys CEO who joined the jeweler just a year ago—will also leave the company following a short transition period.
Alexandre Arnault, one of Bernard Arnault’s sons and former CEO of LVMH-owned luggage brand Rimowa, has been named executive vice president, product and communications of Tiffany, effective immediately.
He began his professional career in the U.S. in strategic consulting, at McKinsey & Company and then in private equity at KKR in New York.
Michael Burke, chairman and CEO of Louis Vuitton, will become chairman of Tiffany’s board of directors.
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