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The world leader in luxury goods LVMH and the international high-jewelry house Tiffany & Co. are postponing their merger by three months.
On November 25, 2019, the luxury goods giant LVMH entered into an agreement to acquire the American jeweler Tiffany & Co. for 16.2 billion dollars or 13.7 billion euros.
This is the largest acquisition in its history.
The two groups had set August 24 as the first deadline for completing the transaction, but with the possibility of extending this deadline to November 24 at the latest, according to a document sent by Tiffany to the US Securities and Exchanges Commission “SEC”.
Indeed, the deadline has been extended by three months, as a few days ago Tiffany & Co. shared its new traceability objectives for its newly acquired diamonds.
In addition, the buyback project has not yet received all the necessary authorizations, particularly from the European Union.
For more than 180 years, the Tiffany & Co. brand has been synonymous with elegance, innovative design, know-how and creative excellence.
Its quality diamonds have been appreciated for generations and its legendary creations are the ultimate reference in jewelry.
Not forgetting its blue box, the “Tiffany Blue Box“, which is recognized worldwide as an icon of refinement and desirability.
The American jewelry brand will strengthen the position of the major luxury group LVMH in high jewelry and further expand its presence in the United States.
“We are pleased to welcome Tiffany to the LVMH family. It is a company with a unique heritage and positioning in the world’s high-end jewelry market. Tiffany inspires us with immense respect and admiration; we have the ambition to make this emblematic brand shine with all the care and determination that we have shown for all the Houses that have joined us throughout our history. We are proud to see Tiffany join the Houses of the LVMH Group and we look forward to allowing it to continue to shine in the future. »
The arrival of Tiffany & Co., which will soon join the Group’s 75 prestigious Houses, will give a new dimension to the Watches and Jewelry business of LVMH.
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Featured photo: © Tiffany & Co[/vc_column_text][/vc_column][/vc_row]
