Luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE, has announced it has completed the acquisition of the U.S. jeweller Tiffany and Co., and announced a new senior leadership team.
In a press release issued last Thursday, LVMH said that the acquisition of the “iconic” jeweller will “deeply transform” its watches and jewellery division and complement its 75 Maisons (brands).
“I am pleased to welcome Tiffany and all their talented employees in our Group. Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector,” Bernard Arnault Chairman and Chief Executive Officer of LVMH said in the statement.
Heading up the new Tiffany executive leadership team will be Anthony Ledru, previously Executive Vice President at Louis Vuitton.
The billionaire Bernard Arnault has appointed his 28-year-old son Alexandre Arnault, to a senior role at Tiffany. Alexandre Arnault, previously Chief Executive Officer of luggage company Rimowa, became Executive Vice President of the U.S. jeweler.
Tiffany’s shareholders approved the $15.8 billion deal at the end of December 2020.
LVMH Moët Hennessy Louis Vuitton, commonly known as LVMH, is a French multinational corporation and conglomerate specializing in luxury goods, headquartered in Paris, France. The company controls around 60 subsidiaries that each manage a small number of prestigious brands, 75 in total, including Louis Vuitton, Dior, Givenchy, Bulgari and Hublot.