Owner of luxury brands Louis Vuitton, Dior and Givenchy makes an offer for American jeweler Tiffany & Co
The owner of luxury brands Louis Vuitton, Dior and Givenchy said it was in & # 39; preparatory discussions & # 39; was about the possible deal, but there was & # 39; no certainty & # 39; that someone would be affected.
LVMH, owned by France's richest man, Bernard Arnault, has not confirmed the size of the bid.
However, it is thought to rate 182-year-old Tiffany at around £ 93.50 ($ 120) per share, or £ 11.3 billion.
Star quality: it is known for its flagship in Manhattan that was immortalized in Breakfast At Tiffany with Audrey Hepburn in the lead role
The Tiffany board said it carefully reviewed the proposal. The move comes as £ 170 billion LVMH wants to expand in the US, while Tiffany was hit by a fall in global sales this year.
Tiffany reported £ 787 million in revenue for the first quarter, 3 percent less than a year ago, and blamed the lower spending on tourists.
The New York-based company was originally founded as an office bookstore in 1837 by namesake Charles Tiffany and John Young, before Tiffany took control in 1853 and shifted his focus to jewelry.
It is known for its blue gift boxes and flagship Manhattan store, which was immortalized in the famous 1961 film Breakfast At Tiffany with Audrey Hepburn.
The company also still owns the 128-carat Tiffany Yellow Diamond, one of the largest of its kind in the world. It was worn by singer and actress Lady Gaga on the red carpet during this year's Oscars.
If Tiffany were taken over by LVMH, it would join a stable of jewelry brands including Bulgari and the French brands Chaumet and Fred in Italy.
. (TagsToTranslate) Dailymail (t) money (t) moneymarkets