The Wall Street Journal reported that European luxury conglomerate LVMH is paying $16 billion for Tiffany & Co.
According to the Journal, the New York-based jeweler has been struggling at home and is banking on its Chinese expansion to restore its luster. The sale would relieve the pressure on the company’s leaders as they orchestrate a turnaround.
The Journal added that the acquisition is the biggest yet by LVMH under Bernard Arnault, the French billionaire who has been the luxury group’s chief executive and controlling shareholder for 30 years.
