LVMH has bought Tiffany & Co for $16 billion

The luxury conglomerate behind Louis Vuitton is setting its sights on high-end jewellery
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LVMH has bought Tiffany & Co for $16 billion

The European luxury conglomerate behind Louis Vuitton and Bulgari is taking over iconic New York jeweller Tiffany & Co.

The deal which is at $135 a share, or $16.3 billion, has been in the works since last month, and both sides met on Sunday to approve the deal.

Shares of Tiffany have risen over excitement of a higher-priced deal - the brand had experienced falling annual sales and profit since 2015, before a revenue turnaround in 2017.

The move by Paris-based LVMH mirrors rival Kering’s expansion into the high-end jewellery market after it acquired Cartier.

LVMH which also owns Louis Vuitton, Christian Dior and Dom Perignon, reported sales of about $50 billion last year.

Photos: Instagram