The Tiffany & Co. and LVMH saga has come to a close.
With legal battles and price negotiations settled, the French luxury titan has finalized its acquisition of Tiffany in a deal valued at $15.8 billion.
Tiffany delisted from the New York Stock Exchange Thursday [January 7] as it prepares to move under LVMH’s umbrella of luxury brands.
“Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector,” said LVMH CEO Bernard Arnault in a statement.
“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.”
With the acquisition complete, LVMH is shaking up the jeweler’s executive ranks.
CEO Alessandro Bogliolo will leave the company Jan. 22.
Anthony Ledru will become the new CEO of Tiffany.
He is not new to the jeweler. He was Tiffany’s senior vice president of North America for a little over a year, from June 2013 to December 2014.
Most recently, he served as executive vice president of global commercial activities at Louis Vuitton and, prior to that, president and CEO of Louis Vuitton Americas.
Ledru also was the global vice president of sales for Harry Winston International.
He began his luxury career at Cartier in 1999, starting in Latin America and then moving to the United States, where he served as vice president of retail for the company’s North American business.
Photo © Tiffany & Co.
