LVMH, owner of Louis Vitton and the world’s biggest luxury group, has agreed to buy Tiffany & Co. in a $16.2bn (£12.6bn) deal. The deal would transform Tiffany and Co.’s, the US jeweller famed for its engagement rings and white diamond necklaces, division of watches and jewellery. Bernard Arnault’s luxury goods empire announced it would pay $135 a share in cash.
Founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan, Tiffany now has more than 300 stores around the globe.
Source: The Guardian