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Luxury group LVMH Moët Hennessy Louis Vuitton has confirmed interest in buying US luxury jeweller Tiffany.
In a statement, the company said, “In light of recent market rumours, the LVMH Group confirms that it has held preliminary discussions regarding a possible transaction with Tiffany.”
According to reports, LVMH is eyeing to purchase the renowned jewellery brand for US$14.5 billion.
“There can be no assurance that these discussions will result in any agreement,” noted LVMH.
LVMH’s luxury watch and jewellery portfolio includes Chaumet, Tag Heuer, Zenith, Bulgari, Fred and Hublot. The group’s jewellery business is among its strongest product segments.
In the first nine months of 2019, its jewellery arm recorded an organic revenue growth of 4 percent, backed by an “excellent performance” by Bulgari. Bulgari’s iconic lines Serpenti, B.Zero1, Diva and Fiorever, as well as the new Serpenti Seduttori watch collection contributed to the brand’s continuing growth, LVMH said.
TAG Heuer continued to focus on its iconic lines while Hublot made solid progress, continuing to enrich its lines with new models from several collaborations, according to LVMH.