Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Tiffany Shareholders Back LVMH Takeover

The jeweller’s shareholders approved a $15.8 billion deal with the luxury conglomerate on Wednesday.
Tiffany & Co store in Hong Kong | Source: Shutterstock

US jeweller Tiffany & Co’s shareholders on Wednesday approved a $15.8 billion deal with France’s LVMH, ending an acrimonious dispute between the two luxury retailers that had stretched for more than a year.

At a virtual special stockholder meeting, more than 99 perent of votes cast were in favour of the deal.

Billionaire Bernard Arnault-led LVMH made the first offer late last year, but as the luxury industry slipped into a turmoil due to the COVID-19 pandemic the company backed out from its promise to close the deal.

LVMH also cited French political intervention to delay completing the acquisition until Jan. 6, pushing Tiffany into a legal battle in September to force LVMH to honor the deal.

ADVERTISEMENT

Tiffany had earlier said its sales were improving, citing demand recovery in the United States ahead of the holiday season and China, one of its biggest markets.

LVMH then renegotiated the deal price, lowering it by $425 million. The deal, now cleared by regulators, is expected to close in early 2021.

As agreed in October, LVMH will pay $131.5 per share, down from $135 in the original deal signed late last year.

By Nivedita Balu; Editor: Sriraj Kalluvila and Arun Koyyur

In This Article

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from News & Analysis
Fashion News, Analysis and Business Intelligence from the leading digital authority on the global fashion industry.
view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
BoF Professional - How to Turn Data Into Meaningful Customer Connections
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
BoF Professional - How to Turn Data Into Meaningful Customer Connections