The future of the region’s local Tiffany & Co. retail stores has become cloudy following the $16.3 billion acquisition of the luxury jewelry store by Louis Vuitton owner LVMH.
The luxury chain, founded in 1837, operates more than 300 stores worldwide, including locations in Greenwich, Westport and White Plains.
Last month, Tiffany received an unsolicited takeover bid of $120 per share from LVMH, whose 75 brands also include Bulgari, Christian Dior, Dom Pérignon and Moet & Chandon.
The companies negotiated the transaction up to $135 per share, with Tiffany Chairman Roger Farah saying the deal “provides an exciting path forward with a group that appreciates and will invest in Tiffany’s unique assets and strong human capital.”
Although LVMH Chairman and CEO Bernand Arnault issued a statement insisting his company will “look forward to ensuring that Tiffany continues to thrive for centuries to come,” it is not clear if the acquisition will result in the closure of Tiffany retail stores.