Tiffany & Co. was bought by Louis Vuitton owner LVMH for a whopping USD 16.2 billion

The brand made history by acquiring Tiffany & Co., LMVH's most expensive purchase to date.

By Sneha Kalra

Updated on Nov 27, 2019 | 07:29 PM IST | 1.2M

Tiffany & Co was bought by Louis Vuitton owner LVMH for a whopping USD 16.2 billion

Tiffany & Co. made history in the books of fashion this week. The brand was purchased by luxury fashion house LVMH which currently owns brands including Louis Vuitton, Fenty and more. This week, LVMH acquired the jewellery brand in its most expensive acquisition to date - 16.2 Billion USD.

Reports suggest that there were weeks of speculation before the brand was acquired. Tiffany was unsure of whether to accept a bid from LVMH which initially made a bid of 14.5 Billion USD earlier this month. Reports also suggest that this deal is a strategic move by the multi-billion dollar powerhouse to compete against its peers Kering and Richemont which is also part of the luxury jewellery category.

The deal was not an easy one to crack. Multiple renowned personalities including US presidents like Abraham Lincoln have sought out the brand which was the first to introduce the concept of a diamond engagement ring that we know today. Since then, there are multiple pop-cultural references made to the brand making it iconic with the film Breakfast at Tiffany's which was shot both inside and outside the store and had multiple references to it.

The brand which was founded back in 1837, has its flagship store in New York right beside the Trump Tower. It has around 300 stores all over the world. "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," said Mr. Bernard Arnault the owner of LVMH which currently has 75 brands under its name.

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