LVMH completes Tiffany acquisition

PARIS, Jan. 7 (Xinhua) -- LVMH Moet Hennessy Louis Vuitton SE, the world's leading luxury products group, announced Thursday that it has completed the acquisition of Tiffany & Co, the global luxury jeweler.

"The acquisition of this iconic U.S. jeweler will deeply transform LVMH's Watches & Jewelry division and complement LVMH's 75 distinguished Maisons," said LVMH in a statement.

Anthony Ledru, previously executive vice-president at Louis Vuitton, becomes chief executive officer of Tiffany. Current Tiffany CEO Alessandro Bogliolo will quit on Jan. 22, and Alexandre Arnault, son of LVMH chairman Bernard Arnault, becomes Executive Vice President, Product and Communications of Tiffany, it added.

On Dec. 30, Tiffany shareholders approved the 15.8-billion-U.S.-dollar union with the family-run group LVMH, a record-breaking deal in the luxury industry.

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