LVMH says it will buy jeweler Tiffany & Co. in what would be the biggest ever deal in the luxury sector. The European group behind Louis Vuitton and Bulgari is expected to pay $16.3 billion, or $135 per share. Jewelry, “one of the strongest performing areas of the luxury industry in 2018,” is set to see sales grow 7% this year, citing consultancy group Bain & Co.
Yet Tiffany’s has been a victim of global trade wars, with both the decrease in Chinese tourists to America and tariffs on its products in China impacting its bottom line. Tiffany’s board is expected to vote to finalize the deal later Monday.
