Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewellery 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.”

Roger N. Farah, Chairman of the Board of Directors of Tiffany, also commented: “Following a strategic review that included a thoughtful internal process and expert external advice, the Board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany's unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders.”  

According to Tiffany this transaction, which occurs at a time of internal transformation for the brand, will provide further support, resources and momentum for their strategic priorities aimed to drive sustainable long-term growth, as it will allow the luxury jeweller to "reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values”.  

The addition of Tiffany will transform LVMH’s Watches & Jewellery division and complement LVMH’s 75 Houses. 

Approvals and Timing

LVMH’s acquisition of Tiffany has been approved by the Boards of Directors of both companies and the Tiffany Board of Directors recommends that Tiffany shareholders approve the transaction with LVMH. The transaction is expected to close in the middle of 2020 and is subject to customary closing conditions, including approval from Tiffany’s shareholders and the receipt of regulatory approvals.

Founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan, Tiffany today is a leading luxury brand and has a portfolio of customers in more than 300 stores around the globe. Nature is not only the source of inspiration for Tiffany’s designers, but precious metals and natural gemstones are necessary components for the creation of its designs.