Acquiring Tiffany will lift LVMH’s operating profits by 500 million to 600 million euros ($661.32 million) in the first 12 months, the luxury goods group’s Chairman and Chief Executive Bernard Arnault said on Monday.
One source familiar with the matter said LVMH, which owns the Louis Vuitton and Bulgari brands among others, had proposed a bid valuing Tiffany at about $120 per share.
Louis Vuitton owner LVMH (LVMH.PA) has approached Tiffany & Co (TIF.N) with an acquisition offer, people familiar with the matter said on Saturday, at a time when the US luxury jeweler grapples with the impact of tariffs on its exports to China.
French luxury brand Christian Dior apologized on Thursday and said it supported China’s territorial sovereignty after it was criticized for using a map of China that excluded Taiwan in a presentation.
Luxury brands and retailers are increasingly collaborating with celebrities, including style bloggers and Instagram stars, to help design collections and jazz up their wares.