Tiffany news and archive

Tiffany & Co being sued by Cartier over 'unfair competition'

Jewellery company Cartier said on Tuesday it had filed a complaint in a New York court against US rival Tiffany & Co for unfair competition. Senior managers at Tiffany & Co allegedly tried to obtain information in an "inappropriate" way on Cartier's activities in the United States through a former employee, it said in an email to AFP. The...

Business

Online and China demand boost Tiffany's holiday sales

Tiffany & Co., in its preliminary sales results statement for the interim period from November 1, 2020 through December 31, 2020, said that preliminary worldwide net sales increased approximately 2 percent as compared to the same period in 2019, resulting in record net sales for any holiday period in the company’s history. Commenting on the...

Business

LVMH to buy Tiffany for 131.50 dollars per share in cash

LVMH Moët Hennessy Louis Vuitton SE (LVMH) and Tiffany & Co. have concluded an agreement modifying certain terms of their initial merger agreement reflecting a purchase price of 131.50 dollars per share in cash and to reduce closing conditionality. LVMH said in a statement that both the companies have also agreed to settle their pending...

Business

LVMH, Tiffany finally seal merger at lower price

French luxury giant LVMH and US jeweller Tiffany buried the hatchet in their bitter takeover battle on Thursday, agreeing to lower the price of the merger so that it can finally go ahead. Tiffany agreed to accept a lower price from LVMH in order to seal a deal that had been closed to collapsing, the French group said in a statement. “LVMH, the...

Business

Tiffany and LVMH resume meger talks

LVMH and Tiffany have revived talks to try to resuscitate their merger, which has been on shaky ground since late summer, a person close to the talks said Tuesday. Among the options, the companies are discussing possibly lowering the price, so LVMH would pay between 130 to 133 dollars a share for Tiffany, instead of 135 dollars under a 16.2...

Business

Tiffany wins court approval to fast-track lawsuit against LVMH

US jewelry brand Tiffany & Co has won approval by the Delaware Chancery Court to have its lawsuit against french conglomerate LVMH fast-tracked. The lawsuit was launched by the jeweler after LVMH said in September it was pulling out of its 16 billion dollar deal to acquire Tiffany. LVMH said its board had made the decision following “a...

Business

LVMH submits Tiffany deal for approval by European Commission

LVMH confirmed Friday that it has submitted the proposed acquisition of Tiffany for antitrust review, immediately after receiving approval to proceed by the European Commission. LVMH noted that eight of the ten requisite antitrust clearances have already been obtained. LVMH expects to receive approval from the European Commission and Taiwan well...

Business

LVMH says will counter-sue Tiffany, accuses it of 'dishonesty'

French luxury giant LVMH said Thursday it would counter-sue US jeweller Tiffany, accusing it of “dishonesty” as their plans for a sparkling tie-up descended into bitter recrimination. “LVMH was surprised by the lawsuit filed by Tiffany,” the French owner of brands such as Louis Vuitton, Dior and Moet & Chandon said in a statement. “LVMH...

Business

LVMH and Tiffany delay acquisition deal by three months

French luxury giant LVMH and US jewelry brand Tiffany & Co have reportedly delayed the deadline for their acquisition deal by three months. The 16.2 billion dollar deal is now set to close in November after it failed to close on 24 August, the date set out in the documents of the deal, Reuters reports, citing sources familiar with the matter....

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Tiffany posts flat Q3 sales growth, profit drops 17 percent

For the third quarter, Tiffany & Co., said, worldwide net sales remained unchanged to 1 billion dollars from the prior year and decreased 2 percent to 3.1 billion dollars in the year-to-date period. On a constant-exchange-rate basis, worldwide net sales were 1 percent above the prior year and unchanged in the year-to-date period. The company...

BusinessFeatured

LVMH acquires Tiffany for 16 billion dollars

As predicted by the media sources earlier, luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE (LVMH) is acquiring luxury jeweller Tiffany for 135 cents per share in cash, in a transaction with an equity value of approximately 14.7 billion euros or 16.2 billion dollars. Commenting on the development, Bernard Arnault, Chairman and Chief...

Business

LVMH bid for Tiffany goes even higher

French luxury group LVMH has raised its bid to acquire US jewelers Tiffany by over one billion dollars, two sources close to the matter told AFP Wednesday. LVMH, the owner of Louis Vuitton, Dior and Moet & Chandon increased its bid for the storied New York-based company to around 130 USD per share from 120 USD per share, the sources said. The...