LVMH Moët Hennessy Louis Vuitton SE has completed its acquisition of Tiffany & Co. The luxury conglomerate’s purchase of the iconic jeweler has been in the works for more than a year, delayed by called-off plans, numerous legal battles and deal renegotiations. A marked-down price tag (lowered from the original $16.2 billion to $15.8 billion) finally brought the merger to fruition.
LVMH already is shaking up Tiffany’s executive team. The company has ousted current Tiffany CEO Alessandro Bogliolo, who has agreed to remain with the company to facilitate the transition through Jan. 22, 2021. Also departing is Reed Krakoff, Chief Artistic Director, and Daniella Vitale, EVP and Chief Brand Officer of Tiffany.
Anthony Ledru, previously EVP, Global Commercial Activities at Louis Vuitton and formerly SVP of North America at Tiffany, has been appointed CEO of Tiffany, effective immediately. Alexandre Arnault, previously CEO of luggage company RIMOWA, becomes EVP, Product and Communications at Tiffany, and Michael Burke, the Chairman and CEO of Louis Vuitton, will become Chairman of the Tiffany Board of Directors.