PARIS - LVMH has offered to buy Tiffany & Co, known for its engagement rings and ties to Hollywood glamor, as the owner of Louis Vuitton and Bulgari seeks to expand in jewelry, one of the fastest-growing parts of the luxury goods market.
Investors piled into the New York-listed stock on the news, 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. “Three years into its turnaround strategy, Tiffany is an arguably more attractive asset than it has been historically,” he said.Tiffany, founded in New York in 1837 and made famous worldwide by the 1961 movie “Breakfast at Tiffany’s” starring Audrey Hepburn, said it was still reviewing the proposal and is “not in discussions” with LVMH about a deal.
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, as well as to U.S. luxury shoppers. Monday’s news stirred speculation about possible additional luxury sector deals, boosting shares in rival European watch and jewelry companies, including Salvatore Ferragamo, Pandora, Swatch and Richemont.
LVMH les pauvres t'emmerdent
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