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LVMH shakes up Tiffany management after US$15.8 billion acquisition

French luxury goods group LVMH on Thursday named new managers for Tiffany, including two top Louis Vuitton executives, in its first shake-up at the U.S. jeweller as it closed its US$15.8 billion acquisition.

FILE PHOTO: Tiffany & Co. jewelry is displayed in a store in Paris
FILE PHOTO: Tiffany & Co. jewelry is displayed in a store in Paris, France, November 25, 2019. REUTERS/Gonzalo Fuentes/File Photo
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PARIS/NEW YORK: French luxury goods group LVMH on Thursday (Jan 7) named new managers for Tiffany, including two top Louis Vuitton executives, in its first shake-up at the US jeweller as it closed its US$15.8 billion acquisition.

The closing comes after a bitter legal dispute, with LVMH backing away from the deal in the middle of the COVID-19 pandemic, which hammered luxury goods sales. LVMH and Tiffany ultimately agreed on a renegotiated deal price, lowered by US$425 million.

LVMH said Anthony Ledru, a senior executive at the group's Louis Vuitton brand, would be CEO at Tiffany, taking over from Alessandro Bogliolo, who is set to leave on Jan 22.

Alexandre Arnault, one of LVMH boss Bernard Arnault's sons, will be executive vice president and in charge of product and communication, while Vuitton's CEO and chairman will become chairman of Tiffany.

(Reporting by Sarah White and Jessica DiNapoli. Editing by Mark Potter)

Source: Reuters