CORRECTION: This story originally stated that Tiffany & Co lost two thirds of all employees in the acquisition. The company has since clarified that it lost two thirds of senior staff only.

Recent reports suggested that New York-based jewellery brand Tiffany & Co only retained one third of original employees when it was bought by luxury conglomerate Louis Vuitton Moët Hennessy (LVMH) last year – though the company has since disputed this claim.

The original story was via other fashion and luxury publications like JCK and IDEX – though Tiffany & Co has since responded to Professional Jeweller‘s request for comment and denied the figure.

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The luxury jewellery brand was claimed to have replaced two thirds of employees in the 14 months since the acquisition, but a Tiffany spokesperson told PJ that the two-thirds figure refers, in fact, only to senior management at the company.

The two-thirds figure originated via a WWD interview with Anthony Ledru, president and CEO of Tiffany & Co.

WWD estimated that Tiffany & Co’s current make-up is a third of its original staff, followed by a third from LVMH and a final third from neither company who have been brought in since the early-January 2021 buyout.

Ledru was named CEO in the wake of the acquisition, himself an LVMH employee before the shift.

The famed £12 billion Tiffany-LVMH deal was fraught with tension for several months as negotiations came to a standstill and both parties threatened to sue the other in 2020.

The deal looked like it could fall through entirely at one stage, but the companies managed to kiss and make up in late 2020 before signing on the dotted line in early January 2021.

Read more about the dramatic negotiations below:

LVMH completes Tiffany & Co acquisition and shakes up key leadership team

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