Luxury goods giant LVMH has completed a purchase of Tiffany & Co, and announced new appointments at the US jeweller.
The update comes more than a year after the proposed deal was first unveiled. Bernard Arnault, chairman of LVMH, today said Tiffany, which is known for its engagement rings, is an “iconic brand”.
Arnault added: “We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories.”
LVMH, behind brands such as Louis Vuitton and Fendi, first agreed to buy Tiffany for $135 per share in November 2019. However, the deal was subject to a number of obstacles, including the coronavirus crisis hurting the luxury retail sector, and delays.
The companies had been locked in legal disputes, but in October said they have agreed to settle their pending litigation, and Tiffany would be acquired for £131.5 per share in cash. That meant a discount of $425 million for LVMH.
In conjunction with the closing of the transaction, LVMH today announced several leadership appointments at Tiffany.
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Anthony Ledru, previously executive vice president, global commercial activities at Louis Vuitton, and formerly senior vice president of North America at Tiffany, becomes boss of Tiffany, effective immediately.
Alessandro Bogliolo, the current chief executive of Tiffany, has agreed to remain with the company to facilitate the transition through to January 22, after which time he will depart the business.
Bogliolo said: “I am convinced that Tiffany will thrive under LVMH leadership. I look forward to ensuring a smooth transition to Anthony and his team and wish him and all the Tiffany community continued success in the years to come.”
Among other changes, are Louis Vuitton chief executive Michael Burke becoming chairman of Tiffany.
Alexandre Arnault, previously chief executive of luggage company Rimowa, becomes executive vice president, product and communications of Tiffany.
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