The official closing of the deal comes after a bitter legal dispute, with LVMH backing away in the middle of the COVID-19 pandemic which hammered luxury goods sales. LVMH and Tiffany ultimately renegotiated the deal price, lowering it by $425 million.
Alexandre Arnault, one of LVMH boss Bernard Arnault’s sons and who previously ran luggage label Rimowa, will be executive vice president and in charge of product and communication, while Vuitton’s CEO and chairman Michel Burke will also become chairman of Tiffany. LVMH, home to brands including Fendi and Veuve Clicquot champagne, is also expected to review everything from Tiffany’s network of stores to strategies in areas such as online sales as it repositions the brand and streamlines it.
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