LVMH Moët Hennessy Louis Vuitton has completed its $15.8 billion acquisition of Tiffany & Co. and named a new leadership team to accelerate the growth of the iconic U.S. jeweler.
The French global luxury powerhouse named Anthony Ledru, previously executive VP, global commercial activities at Louis Vuitton and formerly senior VP of North America at Tiffany, as CEO of the U.S. jeweler, effective immediately. Ledru takes the reins of Tiffany from Alessandro Bogliolo, who will remain with the company to facilitate the transition through January 22, 2021.
LVMH also announced that Reed Krakoff, chief artistic director, and Daniella Vitale, executive VP and chief brand officer, of Tiffany will depart the company after a short transition of responsibilities.
In other leadership appointments, Michael Burke, chairman and CEO of Louis Vuitton, will become chairman of Tiffany. And Alexandre Arnault, previously CEO of high-quality luggage company Rimowa, becomes executive VP, product and communications of Tiffany, effective immediately. He is the second eldest son of LVMH chairman and CEO Bernard Arnault
“I am pleased to welcome Tiffany and all their talented employees in our Group,”said Bernard Arnault. “Tiffany is an iconic brand and a quintessential emblem of the global jewelry sector. We are optimistic about Tiffany’s ability to accelerate its growth, innovate and remain at the forefront of our discerning customers’ most cherished life achievements and memories.”
In a statement, former Tiffany CEO Bogliolo said he was “honored to have led Tiffany as a public company and contributed with such a talented team to further strengthening Tiffany’s iconic standing.”
Thanks to the hard work and commitment of all our team members, Tiffany is ideally positioned to continue its growth,” he said. “I would also like to take this moment to thank Reed and Daniella for having led the creative vision, digital and marketing direction for the company. We can all be proud of what we achieved together over the past three years and, I am convinced that Tiffany will thrive under LVMH leadership. I look forward to ensuring a smooth transition to Anthony and his team and wish him and all the Tiffany community continued success in the years to come.”