LVMH Moët Hennessy Louis Vuitton SE has completed its acquisition of American jewellery brand Tiffany & Co after a fraught and drawn out negotiation period that even involved the pair taking each other to court.
Elsewhere, LVMH has shaken up the Tiffany key leadership team with a number of appointments.
These include Anthony Ledru, previously executive vice president of global commercial activities at Louis Vuitton and formerly senior vice president of North America at Tiffany, who becomes chief executive officer of tiffany, effective immediately.
Alexandre Arnault, previously chief executive officer of high-quality luggage company Rimowa, becomes executive vice president of product and communications of Tiffany, effective immediately.
And finally, Michael Burke, chairman and CEO of Louis Vuitton, will become chairman of the Tiffany board.
Bernard Arnault, chairman and CEO of LVMH, commented: “I am pleased to welcome Tiffany and all their talented employees in our Group. Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector.
“We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years.
“We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories.
“I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”
Current Tiffany CEO, Alessandro Bogliolo, will depart January 22 after a transition period, while Reed Krakoff, chief artistic director, and Daniella Vitale, executive VP and chief brand officer of Tiffany, will also depart after an unspecified transition period.
Bogliolo commented: “I am honored to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing.
“Thanks to the hard work and commitment of all our team members, Tiffany is ideally positioned to continue its growth.
“I would also like to take this moment to thank Reed and Daniella for having led the creative vision, digital and marketing direction for the company.
“We can all be proud of what we achieved together over the past three years and, I am convinced that Tiffany will thrive under LVMH leadership.
“I look forward to ensuring a smooth transition to Anthony and his team and wish him and all the Tiffany community continued success in the years to come.”
Read more below about the increasingly tense negotiations that finally led to yesterday’s completed deal: