TIFFANY & CO acquired by LVMH
Context
LVMH acquired Tiffany & Co. in a record-breaking, highly strategic public-to-private transaction. The deal was structured via a definitive merger agreement that culminated in an all-cash tender offer approved by Tiffany's shareholders following an intense period of renegotiation and cross-border legal disputes triggered by the COVID-19 pandemic and international trade tariff friction. In the final binding agreement, LVMH successfully adjusted the purchase price downward from the initial $135.00 per share to $131.50 per share, securing a cash savings of approximately $430 million for the French conglomerate. The transaction drastically scales LVMH’s hard luxury division, transforming the group into a dominant global force in high jewelry capable of matching major institutional rivals while immediately granting Tiffany access to LVMH’s immense financial backing, global retail network, and downstream supply chain infrastructure.
The acquisition of Tiffany & Co is part of the growth strategy of Lvmh, which already has several external growth operations under its belt, notably ChâTeau D’Esclans in 2019.
TIFFANY & CO, which reported an EBITDA margin of LOGIN in 2020, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).
Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.
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Target
Tiffany & Co. is the premier American luxury house specializing in high jewelry, fine watches, and premium lifestyle accessories. Founded in New York City in 1837 by Charles Lewis Tiffany, the company established itself as a global cultural icon, defined by its legendary "Tiffany Blue Box" and its pioneering historical role in diamond engagement rings. Its business model is built on an omni-channel retail framework operating more than 300 boutiques worldwide, powered by a highly integrated vertical manufacturing structure that employs over 5,000 master artisans. The organization differentiates itself through its early commitment to environmental sustainability and transparent, responsible sourcing of precious metals and gemstones. Strategically, the firm represents an exceptional, high-equity asset in the hard luxury space, offering unparalleled exposure to the North American market.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 3b - 100b USD
Revenue range: 2.5b - 5b USD
EBITDA range: 500M - 1b USD
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Press release: view release
Target: tiffany & co
Acquirer: lvmh