LVMH Moët Hennessy Louis Vuitton announced that it has completed the acquisition of global luxury jeweler Tiffany & Co.
The acquisition of this iconic U.S. jeweler – which went through some acrimonious negotiations, that led to lawsuits between the two brand owners– will deeply trans-form LVMH’s Watches & Jewelry division and complement LVMH’s 75 existing Maisons, said the company in a statement dated Jan. 7, 2021.
“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,” said Bernard Arnault, Chairman and CEO of LVMH.
“We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years. We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories,” added Arnault.
He also thanked former Tiffany CEO Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years.
In conjunction with the closing of the transaction, LVMH has announced several leadership appointments at Tiffany.
Anthony Ledru, previously Executive Vice President, Global Commercial Activities at Louis Vuitton and formerly Senior Vice President of North America at Tiffany, becomes Chief Executive Officer of Tiffany.
Alexandre Arnault, previously CEO of luggage company RIMOWA, becomes Executive Vice President, Product and Communications of Tiffany.
Michael Burke, the Chairman and CEO of Louis Vuitton, will become Chairman of Tiffany Board of Directors.
Alessandro Bogliolo, the current CEO of Tiffany, will remain with the company to facilitate the transition through January 22, 2021, after which time he will depart the company.
Reed Krakoff, Chief Artistic Director, and Daniella Vitale, Executive Vice President and Chief Brand Officer of Tiffany, will depart Tiffany after a short transition of responsibilities.