French luxury giant LVMH reaches deal to buy New York-based jewelry maker Tiffany & Co for $16.2 billion.
The Associated PressFrench luxury group LVMH has agreed to buy New York jeweler Tiffany & Co. for $16.2 billion, adding a famed star to its portfolio that already boasts Louis Vuitton, Christian Dior and Bulgari.
LVMH already owns 75 brands including Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer. Its flagship brand Louis Vuitton recently opened a handbag workshop in Texas, with President Donald Trump in attendance. Tiffany is less of a household name in Europe than it is in the U.S. but enjoys a high-visibility boutique on the Champs-Elysees Avenue — just down the street from Louis Vuitton’s flagship store.
In addition, luxury companies are facing fears of an economic slowdown in China, a key area of business, while they're already dealing with a slowdown in international tourism in the U.S. Overall U.S. luxury sales, excluding jewelry, have fallen 2.7% so far this year compared to a 3.1% increase in overall retail sales, according to MasterCard SpendingPulse, which tracks sales across all types of payments including cash and checks. Jewelry sales, however, have risen 2.6% so far this year.
Still, Tiffany's U.S. sales have been stagnating as China's slowing economy has weighed on spending by Chinese tourists, who make up a substantial portion of luxury spending. The strong dollar has also made Tiffany products more expensive for consumers outside the U.S.
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