The French fashion group LVMH (Louis Vuitton Moet Hennesy) purchased the iconic American brand Tiffany & Co. for $16.2 Billion dollars. The LVMH group made an initial offering to purchase the 182 year old company at $14.5 Billion cash offer however they settled a few billion dollars higher.

The LVMH group will take over Tiffany’s 300 retail stores and finalize the deal by early 2020. As many people know, the Tiffany & Co. brand has been having some difficulty over the past few years with their declining sales and staggering customer loyalty. The LVMH company plans to expand and turn around the company as it has the financial means to do so.

The LVMH company owns over 75 brands including Louis Vuitton, Christian Dior and Bulgari. As the LVMH group purchases more and more of the fashion brands, many people are asking - who will not sell out to the French fashion giant?

LVMH said that this will be a great addition to their portfolio as they are looking to go up against Gucci’s Kering Group and Cartier’s Richemont SA. This will be very exciting to see how the French fashion group handles the next few years of the Tiffany & Co. brand as their is a legacy in the United States for the “Tiffany" Blue” box brand and a nostalgic presence.