French luxury group LVMH has persuaded U.S. jewelry chain Tiffany & Co to provid...
) to provide it with confidential due diligence after it raised its bid to close to $16 billion, people familiar with the matter said on Wednesday.
The development represents a key milestone in LVMH’s bid for the iconic U.S. maker of engagement rings. Tiffany earlier this month rebuffed LVMH’s initial $120-per-share all-cash offer, arguing it significantly undervalues it. Jewelry was one of the strongest performing areas of the luxury industry in 2018, according to consultancy Bain & Co, which forecast that comparable sales in the $20 billion global market were set to grow 7% this year.
Under Chief Executive Alessandro Bogliolo, former head of fashion firm Diesel and a Bulgari alumnus, Tiffany has been building up its e-commerce business, and is trying to court younger shoppers with more affordable pendants and earrings and new designs.
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