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LVMH acquires Bulgari for $5.2 billion
Paris -- A report released Monday by Reuters said that French luxury group LVMH will acquire Italian luxury jeweler Bulgari for $5.2 billion.
The offer, according to the report, is a 60% premium to Bulgari’s average share price, and indicates that the bounce-back of the luxury market could occur at a faster rate than Wall Street anticipated.
Rival bidders included the Richemont group and PPR, according to Reuters. -
Tiffany appoints executive VP
New York City -- Tiffany & Co. has named Frederic Cumenal as executive VP, effective March 10.
Cumenal, 51, will be responsible for the company’s businesses in Asia, Japan, Europe and Emerging Markets, and will report to chairman and CEO Michael J. Kowalski. He joins Tiffany from the LVMH Group where most recently he was president and CEO of Moët & Chandon, S.A.