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TIF - Tiffany & Co News Story

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Last Trade - 06/01/21

Consumer Cyclicals
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Market Cap £n/a
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Revenue £2.64bn
Position in Universe th / 6846

Refinitiv Newscasts - LVMH completes $15.8 bln Tiffany takeover

Thu 7th January, 2021 4:33pm
Click the following link to watch video:,2021:newsml_OVDU7NMH7_930&pageId=RefinitivNewscasts
Source: Reuters

Description: LVMH has finally completed its $15.8 billion takeover of Tiffany,
and it's wasting no time in shaking up management at the U.S. jeweler. Julian
Satterthwaite reports.
Short Link:

Video Transcript:

LVMH has completed its $15.8 billion takeover of US jeweler Tiffany. It marks
an end to a long and sometimes painful saga for both firms. LVMH backed away
from the deal in the midst of last year’s global lockdowns, saying its
original bid for Tiffany looked too high. After a bitter legal dispute, the
pair eventually agreed on a lower price, cut by $425 million. Now the French
luxury goods group is wasting no time shaking up management. On Thursday it
named new bosses for Tiffany. Senior Louis Vuitton executive Anthony Ledru
becomes chief executive. And Alexandre Arnault becomes an executive vice
president. He’s the son of LVMH boss Bernard Arnault, and formerly ran
Rimowa, the group’s luxury suitcase brand. Analysts bet LVMH will now try
to expand Tiffany product ranges to target younger shoppers. It’s also
expected to make a big push in Asian markets. The conglomerate has already
signaled changes on the design front, saying Tiffany’s artistic and brand
chiefs will both be leaving. LVMH shares were up around 2% by mid-afternoon
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