Louis Vuitton owner LVMH completes $16bn takeover of Tiffany & Co
Tiffany & Co took legal action against LVMH when it attempted to pull out of the deal last year
Louis Vuitton owner LVMH has completed its $16bn takeover of US jewellery brand Tiffany, the companies announced this afternoon.
The deal was almost derailed last year when LVMH attempted to abandon the acquisition, prompting Tiffany to take legal action against the luxury goods conglomerate.
Following the completion of the transaction, Louis Vuitton executive vice president of global commercial activities Anthony Ledru has been appointed as chief executive of Tiffany.
The jeweler’s current boss Alessandro Bogliolo will remain with the company until 22 January to aid the transition before stepping down from his role.