LVMH Moët Hennessy, managed by Bernard Arnault, a French billionaire business magnate, agreed to buy Tiffany & Co. for more than $16 billion in the largest luxury-goods deal ever.
New York City-based Tiffany & Co., which was founded in 1837, currently operates about 300 stores worldwide and employs some 14,000 people. Tiffany has come under pressure as French luxury brand Cartier has been investing more in targeting younger shoppers, reported CNBC. Tiffany recorded 10 quarters of either flat or negative same-store sales growth between the fourth quarter of 2014 and the third quarter of 2017.
But jewelry sales have started to bounce back, thanks to a strong U.S. economy, stronger demand from Chinese millennials and more people buying diamonds for themselves in China, according to consultancy Bain & Co. Jewelry was one of the strongest performing areas of the luxury industry in
