Reports: LVMH seeking to buy luxury jeweler Tiffany's
WASHINGTON (AP) - Luxury conglomerate LVMH Moët Hennessy Louis Vuitton has made an offer to purchase U.S. jeweler Tiffany & Co., according to news reports.
LVMH has offered $120 a share, or $14.5 billion, for Tiffany, according to the Wall Street Journal. LVMH made the offer earlier this month, Bloomberg News reported. Representatives of both LVMH and Tiffany declined to comment on the reports.
The offer comes as Tiffany, like other luxury brands, has struggled with stagnating sales as China's slowing economy has weighed on spending by Chinese tourists, who make up a substantial portion of luxury spending.
The purchase would add another household name to LVMH's plethora of upscale brands. It owns fashion names such as Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer.