Tiffany & Co facade Tiffany Blue
Getty Images / STEPHANE DE SAKUTIN

This Sunday, LVMH reached a deal to buy Tiffany & Co. for a record-breaking $16.2 billion, Forbes reports. The move is apparently the most expensive ever made by LVMH CEO, Bernard Arnault.

After the acquisition took place this weekend, LVMH released a statement outlining that the move “will strengthen LVMH’s position in jewelry” in the United States and will “transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Houses.”

Arnault added, “We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons.”

Shares in the New York-based jeweler have already begun to rise, with a six percent increase reported this morning, Monday November 25. LVMH shares are reportedly up two percent.

The final deal is almost $2 billion more than the initial bid, which was expected to hit around the $14.5 billion mark.  The transaction is predicted to close in the middle of 2020, subject to approval from Tiffany’s shareholders and regulatory approvals.

Weekend Staff Writer

Isabelle is an Australian writer based in Berlin.