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Tiffany’s Acquired by French Luxury Group for $16.2 Billion

Photo Credit: thenails via Flickr cc

Tiffany’s has been battling a sales slump in recent years as it struggles to attract younger consumers. Now, the luxury jewelry retailer has been acquired by LVMH, a French luxury group led by Europe’s richest man, Bernard Arnault. Analysts are calling the acquisition good for both parties.

While Tiffany is one of the world’s best-known luxury brands, analysts say it still has room to grow, particularly in jewelry and watches. And LVMH’s deep pockets could help Tiffany turn around after a rocky few years, and fuel its effort to better connect with millennial consumers.

Read the full story at CNN Business.