On November 25, 2019, in what is said to be the biggest acquisition in the luxury sector, LVMH welcomed Tiffany & Co. to their family via an Instagram post.
Chairman and Chief Executive Officer of LVMH Bernard Arnault said in a press release, "We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come."
His son, Alexandre Arnault, also took to Instagram to celebrate:
Arnault, Europe's richest person, "acquired Tiffany for $135 per share in cash, in a transaction with an equity value of approximately $16.2 billion." He made his initial offer in October 2019.
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