Name: LVMH completes $15.8 billion Tiffany takeover
Uploaded: 2021-01-07T19:05:11.000Z
Duration: 1 min 17 s
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LVMH has completed its $15.8 billion takeover off US jeweler Tiffany.

It marks an end to a long and sometimes painful saga for both firms.

Participle clauses

LVMH backed away from the deal in the midst of last year's global lockdowns, saying its original bid for Tiffany looked too high after a bitter legal dispute.

The pair eventually agreed on a lower price cut by $425 million.

Now the French luxury goods group is wasting no time shaking up management.

On Thursday, it named new bosses for Tiffany.

Senior Louis Vuitton executive Anthony Let Drew becomes chief executive on Alexandra are No becomes an executive vice president.

He's the son off LVMH boss Bernard Arnault and formerly ran Remora, the group's luxury suitcase brand.

Analysts bet LVMH will now try to expand Tiffany product ranges to target younger shoppers.

It's also expected to make a big push in Asian markets.

 The conglomerate has already signaled changes on the design front, saying Tiffany's artistic and brand chiefs will both be leaving. 