Changes coming to Tiffany & Co. following LVMH deal

LVMH Moët Hennessy Louis Vuitton SE, the world’s leading luxury products group, announced last Thursday that it has completed the acquisition of Tiffany & Co. LVMH issued a statement which read, “the acquisition of this iconic US jeweler will deeply transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Maisons.”

As the acquisition is finalized, the company is making some changes at the top of the jewelry brand’s corporate structure. Chief Executive Officer Alessandro Bogliolo, Chief Brand Officer Daniella Vitale and Chief Artistic Director Reed Krakoff are out. Louis Vuitton’s Anthony Ledru will replace Bogliolo, while former Rimowa CEO Alexandre Arnault joins as executive vice president of product and communications and Michael Burke, CEO of Louis Vuitton, assumes the position of chairman.

Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “I am pleased to welcome Tiffany and all their talented employees in our Group. Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector. We are committed to supporting Tiffany, a brand that is synonymous with love and whose Blue Box is revered around the world, with the same dedication and passion that we have applied to each of our prestigious Maisons over the years. We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories. I would like to thank Alessandro Bogliolo and his team for their dedication to Tiffany and their work over the past three years, especially during this challenging period.”

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