PARIS/NEW YORK - LVMH has offered to buy Tiffany & Co, known for its engagement rings and ties to Hollywood glamour, as the owner of Louis Vuitton and Bulgari seeks to expand in jewellery, one of the fastest-growing parts of the luxury goods market.
Several analysts said Tiffany might reject the offer to seek a higher price, potentially kicking off a battle for control of the company known for its signature robin’s egg blue packaging.LVMH said there was no guarantee that preliminary discussions would result in an agreement. Its shares ended the day down 0.48%, after gaining around 1% earlier.
Tiffany’s shares had gained 22.4% so far this year to Friday’s close, compared to a nearly 50% increase in LVMH’s.hereTiffany, founded in New York in 1837 and made famous by the 1961 movie “Breakfast at Tiffany’s” starring Audrey Hepburn, had struggled with falling annual sales and profit since 2015, before a revenue turnaround in 2017.
FILE PHOTO: The logo of U.S. jeweller Tiffany & Co. is seen at a store in Nice, France, October 27, 2019. REUTERS/Eric Gaillard
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