LVMH, already the Goliath of the luxury world, just got supersized. LVMH has concluded the takeover bid for the American jeweller, moving it into control of the luxury group. This move edges Europe’s richest man, LVMH owner Bernard Arnault, one step closer to joining the top 3 richest people on the planet (he currently ranks a peasantly ‘fourth’).
Tiffany, once made famous by the movie Breakfast at Tiffany starring Audrey Hepburn, has a rich heritage and brandname. Sales however have been lagging for quite some time as it has seemingly lost its spot among the top-tier brands in its segment.
This move brings LVMH deeper into the luxury category, news which might cause a few headaches over at Richemont which has very strong presence in this market.