Recorded WebinarsMar 31, 2023
Watch: How Is the Industry Doing When It Comes to Diversity?Annie Doresca and Michelle Graff welcome Reggie Johnson and Sheryl Jones for a frank conversation on the state of DEI in fine jewelry.
MajorsOct 29, 2020
LVMH Snags Tiffany at Lower Price
The revised acquisition terms value the deal at $15.8 billion, down from the initial price of $16.2 billion.
The redesigned Tiffany & Co. flagship store at Shanghai Hong Kong Plaza. Tiffany has agreed to be acquired by LVMH at a $425 million discount. (Photo courtesy of Tiffany & Co.)
New York—LVMH’s acquisition of Tiffany & Co. may just go through after all.
The companies have agreed to modify the terms of their initial agreement, with LVMH purchasing Tiffany at a discount of $425 million and easing the closing restrictions.
LVMH will now pay $131.50 per share for the jeweler, or $15.8 billion, down from the initially agreed upon $135 per share, which valued the deal at $16.2 billion.
Analysts had predicted a price reduction may salvage the deal.
The companies have also agreed to settle their ongoing legal disputes in the Delaware Chancery Court.
“We continue to believe in the power and value of the Tiffany brand and the compelling long-term strategic and financial benefits of this combination,” Tiffany CEO Alessandro Bogliolo said in a press release.
The new agreement will allow LVMH to proceed with the acquisition “with confidence,” LVMH CEO Bernard Arnault said.
“We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter,” Arnault added.
The board of directors of LVMH and Tiffany have both approved the new terms.
The deal is expected to close in early 2021, subject to Tiffany shareholder approval and closing conditions.
More on Majors
The Latest
AuctionsMar 31, 2023
Piece of the Week: The Extraterrestrial Lunar NecklaceArtisan Martin Roberts fashioned lunar meteorites into 48 beads to create this out-of-this-world necklace.
WatchesMar 30, 2023
At Watches & Wonders, a $20M Watch Makes Its DebutJacob & Co.’s new “Billionaire” timepiece features more than 200 carats of yellow diamonds.
Brought to you by
Full Disclosure at Your FingertipsDistinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.
AuctionsMar 30, 2023
See the Jewelry Collection Expected to Top Elizabeth Taylor’s at AuctionHeidi Horten, wife of department store magnate Helmut Horten, collected jewelry from Bulgari, Cartier, Harry Winston and Van Cleef & Arpels.
Weekly QuizMar 31, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
MajorsMar 30, 2023
Jewelers Mutual Marks a Major MilestoneThe jewelry industry insurer and solutions provider is celebrating 110 years in business this month.
SurveysMar 30, 2023
NRF Says Brick-and-Mortar Stores Remain ‘Primary Point of Purchase’The statement came as the National Retail Federation released its retail sales forecast for 2023.
Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern GradingDe Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.
AuctionsMar 29, 2023
10.57-Carat Purplish Pink Diamond Expected to Sell for $35M+Sotheby’s will auction the diamond, which it says is “arguably the most significant pink diamond to ever appear at auction,” in June.
MajorsMar 29, 2023
Blue Nile to Close Fulfillment Center, Lay Off WorkersThe retailer, recently acquired by Signet Jewelers, will lay off 119 employees in July.
WatchesMar 29, 2023
See All the New Patek Philippe Watches for 2023The Swiss watchmaker introduced 17 new models at Watches & Wonders Geneva.
MajorsMar 29, 2023
Mark Henry Jewelry Offering Complimentary ‘Masterclass’ on Sales from Peter SmithAs part of the promotion, Smith will share his sales expertise during a 90-minute training session.
EditorsMar 28, 2023
I’m Enchanted With Parmigiani Fleurier’s Perfect Travel WatchAt Watches & Wonders, the Swiss brand unveiled a follow-up to last year’s Tonda PF GMT Rattrapante.
CollectionsMar 28, 2023
Helzberg’s New Lab-Grown Diamond Collection Earns SCS CertificationThe “rêve” collection’s engagement rings and wedding bands are geared toward “sustainability minded customers.”
EditorsMar 28, 2023
This New Rolex Day-Date Tells Time … and AffirmationsA new word appears on the dial each day of the week.
IndependentsMar 28, 2023
D.C. Jeweler That Honored 50-Year-Old Gift Certificate Closes Bensons Jewelers closed for good Feb. 24, impacted in part by the decline in foot traffic downtown since the onset of the pandemic.
MajorsMar 28, 2023
Swarovski Names New GM of North AmericaKolja Kiofsky has been with the crystal and jewelry company since 2010.
AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood AuctionThe Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.
MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail OperationsMassimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.
Events & AwardsMar 27, 2023
Registration Is Open for the HardRock SummitAGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.
AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.
FinancialsMar 24, 2023
Movado Predicts Declining Sales Amid ‘Volatile’ Retail EnvironmentThe watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.
Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COOAdam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.
WatchesMar 23, 2023
Which Brands Do Watch Enthusiasts Love Most? Chrono24 Takes a LookThe watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.
SourcingMar 23, 2023
Burgundy Diamond Backing Out of Ellendale Mine Deal Burgundy has opted not to exercise its option to buy the mining claims Gibb River Diamonds currently owns.
GradingMar 23, 2023
GCAL Introduces 8X Cut Grade for Proprietary CutsPatented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.
Events & AwardsMar 23, 2023
Diamonds Do Good Names 2023 Award Recipients The organization said it will recognize those who exemplify the idea that doing good is good business.
