Tiffany & Co is purchased by LVMH for $23 billion and viagogo purchases StubHub from eBay. Get a healthy dose of news as we uncover the day’s top stories in e-commerce and retail.
LVMH Acquires Tiffany & Co for $23 Billion
Louis Vuitton Moet Hennessy (LVMH) has purchased Tiffany & Co for $23 billion with aims to ‘restore its lustre’. The jewellery brand has been falling in sales over the past few years, as it fails to capture the attention of Millennial and Gen Z customers. The acquisition is the largest that LVMH has made, surpassing its 2017 purchase of Christian Dior for $19.19 billion.
The two companies came to an agreement to purchase Tiffany & Co for $135 aa share, accumulating to USD16.2 billion. “We strongly believe that LVMH is not only an ideal owner for Tiffany but also that this iconic brand is a perfect addition to our portfolio and perfect complement to our existing model,” explained Jean-Jacques Guiony, LVMH’s Chief Financial Officer. Find out more about the acquisition here.
Co-Op Enters Voluntary Administration
Co-op Bookstore has entered voluntary administration, along with its recently acquired company, Curious Planet. The decision comes after falling sales and the collapse of ‘over the counter’ textbooks lead to the decision made on Sunday night. “The combination of weak retail trading figures coming up to Christmas and the collapse of ‘over the counter textbook’ sales by over 40 per cent from last year, has left the board with no alternative but to appoint a voluntary administrator to help this proud organisation through this period of time,” explained Joe Merhi, the Co-op Chairman. Read the full story here.
viagogo Acquires StubHub from eBay for USD4.05 Billion
eBay will sell StubHub to viagogo in a new acquisition for the price of USD4.05 billion ‘in cash’. “We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” said Scott Schenkel, interim CEO of eBay Inc. “Over the past several months, eBay ‘s leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and StubHub. We firmly believe in the StubHub business and we are excited about its future growth potential with viagogo as its owner.”
Catch up on last Friday’s Freshly Squeezed news here.
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