REPORT: LVMH EYES THE PURCHASE OF TIFFANY & CO.
One of the biggest deals ever in the luxury market could happen soon: According to multiple reports, LVMH has approached jewellery retailer Tiffany & Co. with an acquisition offer, in a reported attempt to expand its operations in the US market.
According to the reports, the offer is non-binding, and both LVMH and Tiffany’s have declined to comment on whether negotiations are ongoing, or on the exact price offer. However, it is known that Tiffany & Co., which operates more than 300 retail stores globally has a market capitalization of $17.4 billion.
Last month, Tiffany & Co. has reported its financial results for the 2nd quarter of the year as well as the six months ended July 31, 2019. According to Tiffany’s, worldwide net sales for both periods were 3% below the respective prior year periods.