Owner of luxury brands Louis Vuitton, Dior and Givenchy makes offer for American jeweller Tiffany & Co
The owner of luxury brands Louis Vuitton, Dior and Givenchy said it was in ‘preliminary discussions’ about the possible deal but there was ‘no assurance’ one would be struck.
LVMH, which is owned by France’s richest man, Bernard Arnault, did not confirm the size of the bid.
But it is thought to value 182-year-old Tiffany at around £93.50 ($120) per share, or £11.3 billion.
Star quality: It is known for its flagship Manhattan store, which was immortalised in Breakfast At Tiffany’s starring Audrey Hepburn
Tiffany’s board said it was ‘carefully reviewing the proposal’. The move comes as £170bn LVMH is looking to expand in the US, while Tiffany has been hit by a drop in worldwide sales this year.
Tiffany reported £787m in revenue for the first quarter, 3 per cent less than a year ago, blaming lower spending by tourists.
The New York-based business was originally founded as a stationery shop in 1837 by namesake Charles Tiffany and John Young, before Tiffany took control in 1853 and switched its focus to jewellery.
It is known for its blue gift boxes and flagship Manhattan store, which was immortalised in the famous 1961 film Breakfast At Tiffany’s starring Audrey Hepburn.
The firm also still owns the 128-carat Tiffany Yellow Diamond, one of the largest of its kind in the world. It was worn by singer and actress Lady Gaga on the red carpet at this year’s Oscars.
If Tiffany were taken over by LVMH, it would join a stable of jewellery brands that includes Italy’s Bulgari and French brands Chaumet and Fred.