A Tiffany brand, in New York on 15 September 2020. – Anthony Behar / Sipa USA / SIPA
If the engagement between the French luxury giant and the American jeweler has been marked with a bang, the marriage is now well sealed. Tiffany shareholders on Wednesday approved the takeover by LVMH . It is even a plebiscite for this union. Approximately 99% of shareholders expressed themselves in its favor at a general meeting extraordinary general held in virtual.
A procedure finalized at the beginning of January
This green light was the last step to take before the finalization of the marriage scheduled for early January. LVMH had already obtained the authorizations of the competition authorities. In the end, the merger is done at the price of , $ 8 billion, against 16, 2 billion initially planned.
After a broken engagement in September, LVMH and Tiffany made peace at the end of October and decided to unite, but at a lower cost than what was expected. The Jeweler will be removed from the
New York Stock Exchange , but LVMH, owner of prestigious brands (Dior, Louis Vuitton, etc.) has not yet said how it intends to transform Tiffany. The company has indeed suffered in recent years from competition from jewelers prized by millennials (16 – 34 years). Questions also remain about the direction of the group.
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