LVMH has confirmed rumours that it is in preliminary talks to buy America’s most iconic jeweler Tiffany & Co.
A statement from LVMH came after business media reported that the French luxury group had tabled a $14.5 billion offer to buy the company.
“The LVMH Group confirms that it has held preliminary discussions regarding a possible transaction with Tiffany,” a brief statement says.
Tiffany & Co. notched sales of $4.4 billion in 2018.
It says 92% of its turnover from the world-wide sale of jewelery. The remaining 8% is made up from timepieces, home and accessories, and fragrances.
The group has more than 300 stores around the world, which could provide a route to market for other LVMH brands including TAG Heuer, Hublot, Zenith and even Bulgari.