Louis Vuitton buys jeweller Tiffany for $16 billion

Monday, 25 November 2019 13:53

Luxury brand giant behind Louis Vuitton has agreed to buy US jeweller Tiffany & Co in a $16.2 billion (over AED 59 billion) deal.

The billionaire owner of the Louis Vuitton brand Bernard Arnault said Tiffany had an "unparalleled heritage" and fitted with its other brands, Louis Vuitton and Bulgari.

The luxury brand announced on Monday that it would pay $135 a share in cash.

Founded in 1837 in downtown Manhattan, Tiffany now has more than 300 stores around the world and employs more than 14,000 people.

More from Business

Meta delays release of Phoenix mixed-reality glasses to 2027, say reports

Meta is delaying the release of its Phoenix mixed-reality glasses until 2027, aiming to get the details right, Business Insider reported on Friday, citing an internal memo.
IndiGo's third day of mass flight cancellations throws Indian airports into disarray

Thousands of IndiGo passengers were stranded by flight cancellations on Thursday - a third day of chaos after the country's biggest airline did not make sufficient changes to its roster planning ahead of new government regulations.
UAE President receives Amazon founder Jeff Bezos

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan met with Amazon's Founder and Executive Chairman, Jeff Bezos, in Abu Dhabi.
Saudi Arabia forecasts deficit of $44 billion in 2026 budget

Saudi Arabia approved the kingdom's budget for 2026 with an estimated deficit of 165 billion riyals ($44 billion), the Saudi state news agency reported on Tuesday.