LVMH confirms deal to buy Tiffany for $16.2 billion in its largest acquisition ever

STEPHANE DE SAKUTIN/AFP via Getty Images

Iconic US jewelry retailer, Tiffany.

• LVMH, the world's largest luxury conglomerate, announced Monday that it has finalized a deal to acquire US jewelry retailer, Tiffany & Co, for $16.2 billion.
• This is LVMH's most expensive acquisition ever. The company owns brands such as Christian Dior, Louis Vuitton, and Hennessy.
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LVMH confirmed Monday that it will acquire US jewelry chain Tiffany & Co for about $16.2 billion.

"We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. 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. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come," Bernard Arnault, CEO of LVMH, said in a statement to the press.

This story is developing.