Bernard Arnault bought Tiffany & History in the luxury sector.

New Delhi. Many people were surprised when Bernard Arnault, one of the world’s richest and influential traders, decided to buy Tiffany & Co., America’s famous jewelery company Tiffany & Co.,, many people were surprised. It was not just the purchase of a brand, but was a history of history in the luxury sector. In November 2019, the deal was the biggest purchase of the LVMH Group in November 2019, which made this French group even stronger in the high-end jewelery market.

Tiffany started in 1837 and was known worldwide due to her blue box, engagement rings and Hollywood connections. But after 2010, its brand slowly began to stop. Tourism declined and lack of connection with new customer class became the reason for its declining earnings. This was the occasion when Arnault decided to buy it, calling it “sleeping beauty”.

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In October 2019, he offered Tiffni’s first offer of $ 14.5 billion. In a few weeks, the deal was fixed at $ 16.2 billion. But in 2020, the Korona epidemic also shook this deal like the whole world. Tiffany’s stores closed, sales decreased and LVMH started retreating. He accused the company of incorrect financial decisions and cited a letter from the French government, which was asked to postpone the deal due to the US trade dispute. This case reached the court. Tiffany filed a case against LVMH in the US state of Delaware, while Arnault also rejected the case. This battle of luxury industry became ‘Soap Opera’. There was pressure on Arnault not to spend a large amount on the weak brand, but they were not among those who retreated.

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What happened again…

In October 2020, an agreement was finally reached. The price of the deal was reduced to $ 15.8 billion. The acquisition was completed in January 2021 and Arnault’s son Alexandra was made Tiffany’s executive Vice President and Anthony Leadru as the new CEO. What happened after this, he silenced critics. New York-based Tiffany’s 10-storey flagship store was fully renovated, which included memories associated with Spiral Staircase, Blue Box Cafe and Audrey Hepburn. The brands were organized with brands like NIKE and Supreme, campaigned with stars like Beyoncé and Jay-Z to connect the youth.