LVMH is offering to buy Tiffany
LVMH has offered to buy Tiffany & Co as the owner of Louis Vuitton and Bulgari seeks to expand in jewelery, one of the fastest-growing parts of the luxury goods market. https://t.co/tQtgCuDfjk pic.twitter.com/cdhMrI4Y2w
- Reuters (@Reuters) October 28, 2019
LVMH, titanic luxury group, (owner of Louis Vuitton, Givenchy, Dior, Bvlgari and many others) has offered to buy Tiffany & Co, known for its engagement rings and ties to Hollywood glamor, it seeks to expand in jewelry, one of the fastest-growing parts of the luxury goods market.
Tiffany said the offer was worth $120 per share, which would value Tiffany at nearly $14.5 billion and represents a 22% premium over the stock's closing price on Friday, sending Tiffany shares up as much as 31% to one-year highs around $130 and putting them on track for their best daily performance since the 182-year-old company's market listing in 1987.
For LVMH, adding Tiffany would bolster its smallest and newest business division, jewelry and watches, which includes Bulgari jewelry, Hublot and Tag Heuer watches, and expand its exposure to the bridal and diamond category.
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