LVMH completes the acquisition of Tiffany and Co.
Luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE, has confirmed it has completed the acquisition of US jeweller, Tiffany and Co., and announced a new senior leadership team.
In a statement, LVMH said that the acquisition of what it calls an “iconic” jeweller will “deeply transform” its watches and jewellery division and complement its 75 Maisons.
Heading up the new Tiffany executive leadership team will be Anthony Ledru, previously executive vice president, global commercial activities at Louis Vuitton and formerly senior vice president of North America at Tiffany, who has been named chief executive officer of Tiffany, effective immediately.
Other appointments include Alexandre Arnault, previously chief executive officer of luggage company Rimowa, becoming executive vice president, product and communications of Tiffany, and Michael Burke, chairman and chief executive officer of Louis Vuitton, has been named chairman of Tiffany board of directors.
With regards the transition, LVMH said that Alessandro Bogliolo, the current chief executive officer of Tiffany, has agreed to remain with the company through January 22, 2021, after which time he will depart the company.
While Reed Krakoff, chief artistic director, and Daniella Vitale, executive vice president and chief brand officer of Tiffany, will depart the jewellery brand after a “short transition of responsibilities”.
Alessandro Bogliolo, Reed Krakoff and Daniella Vitale to exit Tiffany and Co. following LVMH acquisition
Bernard Arnault, chairman and chief executive officer of LVMH, said: “I am pleased to welcome Tiffany and all their talented employees in our group. Tiffany is an iconic brand and a quintessential emblem of the global jewellery sector. We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years.
“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. I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”
There has been many twists and turns in this takeover battle, from Tiffany and Co. taking the French conglomerate to court after pulling out of the deal, to then buried the hatchet and accepting a lower price to seal the merger. Previously, the price of the deal had been set at 135 US dollars per share, however, LVMH renegotiated the deal shaving off 425 million dollars. Tiffany’s shareholders approved the 15.8 billion dollar deal at the end of December 2020.
Tiffany names Anthony Ledru it new chief executive and Michael Burke as chairman
Anthony Ledru, chief executive officer of Tiffany, added: “I am delighted to re-join Tiffany, the most iconic American luxury brand which I have long admired. The inclusiveness and optimism upon which Tiffany was founded resonate now more than ever. I also come back to a Maison that is at the forefront of the environmental and sourcing standards in its industry.
“Going forward, I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy and apply the highest standards of retail excellence to Tiffany. The potential ahead is limitless, and I look forward to writing this next deeply promising chapter, along with the 14,000 Tiffany employees around the world.”
Commenting on his departure, Alessandro Bogliolo, former chief executive officer of Tiffany, said: “I am honoured to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing. Thanks to the hard work and commitment of all our team members, Tiffany is ideally positioned to continue its growth.
“I would also like to take this moment to thank Reed and Daniella for having led the creative vision, digital and marketing direction for the company. We can all be proud of what we achieved together over the past three years and, 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.”
Image: courtesy of Tiffany and Co.