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TIF - Tiffany & Co News Story

$131.46 0.0  0.0%

Last Trade - 06/01/21

Sector
Consumer Cyclicals
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £2.60bn
Position in Universe th / 6846

LVMH shakes up Tiffany management after $15.8 billion acquisition

Thu 7th January, 2021 1:52pm
PARIS/NEW YORK, Jan 7 (Reuters) - French luxury goods group
LVMH  LVMH.PA  on Thursday named new managers for Tiffany
 TIF.N , including two top Louis Vuitton executives, in its
first shake-up at the U.S. jeweller as it closed its $15.8
billion acquisition. 
    The closing comes after a bitter legal dispute, with LVMH
backing away from the deal in the middle of the COVID-19
pandemic, which hammered luxury goods sales. LVMH and Tiffany
ultimately agreed on a renegotiated deal price, lowered by $425
million.  urn:newsml:reuters.com:*:nL4N2JA214
    LVMH said Anthony Ledru, a senior executive at the group's
Louis Vuitton brand, would be CEO at Tiffany, taking over from
Alessandro Bogliolo, who is set to leave on Jan. 22. 
    Alexandre Arnault, one of LVMH boss Bernard Arnault's sons,
will be executive vice president and in charge of product and
communication, while Vuitton's CEO and chairman will become
chairman of Tiffany. 

 (Reporting by Sarah White and Jessica DiNapoli. Editing by Mark
Potter)
 ((sarah.white1@thomsonreuters.com; + 33 (0) 1 49 49 56 85;))
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