Louis Vuitton, owned by billionaire Bernard Arnault, has announced a deal made to take on Tiffany & Co, the luxury jewellers.
Tiffany & Co was founded over 180 years ago and has 300 stores globally. The New York flagship store is located in prime position next to Trump Tower.
Arnault’s empire includes other luxury brands such as Christian Dior and Moët & Chandon, making Arnault Europe’s richest man.
“We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our maisons,” commented Arnault.
“We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”