LVMH, the world's largest luxury goods company, and Tiffany & Company are one step closer to tying the knot. The companies announced Monday LVMH will acquire the iconic jewelry brand for $16.2 billion, making it the largest deal in the history of the luxury sector.
In a statement, LVMH said "the acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in the United States."
LVMH owns 75 brands, including Dior, Givenchy and Bulgari. CEO Bernard Arnault, the richest man in Europe, said in a statement: "We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come."
Tiffany, founded in 1837 and known for its little blue boxes, has more than 300 stores around the world. But the jeweler has seen a decline in sales in recent years. LVMH is hoping to bolster sales and help it grow internationally.
The deal is expected to close in mid-2020.