LVMH just bought Tiffany for $16 billion – so what now?
“Tiffany, a brand stuck in the 60s. Even has the colour scheme of that era. Truly perplexing why any company would pay this for a sinking ship.”
Ouch! LVMH is hoping to disrupt the above kind of thinking, a reaction to the recent news of its $16 billion Tiffany takeover deal. Hard luxury (watches and jewellery) is an interesting category and one that’s ripe for reinvention. Louis Vuitton has been amping up its high jewellery of late with the 2018 appointment of Francesca Amfitheatrof as its artistic director of watches and jewellery (coincidentally previously the design director at Tiffany) and a new line in fine jewellery.
There’s so much room for the contemporisation of jewellery and watches, I don’t know where to start. According to a report by global consulting company Bain & Co, jewellery was among the top growth luxury categories last year, up 7%.
As I’ve mentioned before, women buying jewellery for themselves (rather than gifted from hubby) has been rising steadily, a trend that Tiffany could take advantage of when targeting the tricksy millennial and Gen Z market. But hard luxury aside, there’s no reason why Tiffany shouldn’t develop further into lifestyle, as it has also been exploring.
The LVMH Tiffany deal is expected to close in mid-2020; I’m definitely going to be watching this story develop.
WORDS: Disneyrollergirl / Navaz Batliwalla
IMAGE: Peter Lindbergh for U.S Vogue
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