LVMH aims to restore Tiffany's sparkle with $16.2 billion takeover

Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in its bigg...

PARIS - Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet as the French luxury goods maker bets it can restore the iconic U.S. jeweler’s luster.

Fashion and accessories brands including Christian Dior generate the bulk of earnings at LVMH, run by France’s richest man, Bernard Arnault, though growth in jewelry has shone in recent years. Founded in New York in 1837 and known for its signature robin’s egg blue packaging, Tiffany is one of the best-known names in the jewelry industry, and featured in the movie “Breakfast at Tiffany’s” starring Audrey Hepburn.

It now also has to contend with a Washington-Beijing trade war and shifting spending patterns as Chinese shoppers retreat from the United States and spend more at home.

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