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French luxury group LVMH has offered to buy Tiffany & Co. for USD 14.5 billion in cash, sending shares in the New York jewelers soaring. The purchase would add another household name to LVMH's plethora of upscale brands. It owns fashion names such as Christian Dior, Fendi, and Givenchy as well as watchmaker Tag Heuer. It would also give LVMH a much broader foothold in the United States and broaden its offerings in jewelry. LVMH cautioned in a brief statement that "there can be no assurance that these discussions will result in any agreement."Tiffany said the offer was for USD 120 a share, which is about USD 14.5 billion. The Wall Street Journal first reported on the offer over the weekend. The New York-based jewelry company said that it was considering the offer. Its ...

Kering SA, the French owner of Italian fashion giant Gucci is set to pay a record fine of nearly 1.5 billion euros ($1.7 billion) in a tax evasion case, according to media reports Friday. "Lawyers are still negotiating with the tax authorities over a few hundred million euros, but the fine that the (French luxury) Kering group is about to pay is the highest (in Italy)," the La Stampa newspaper said. "It's a cheque for nearly 1.5 billion euros," it added. It follows a probe by Milan's public prosecutor into the fashion house on suspicion of declaring several years worth of Italian sales in Switzerland, thereby saving around 1.3 billion euros in domestic tax. Kering is expected to sign an agreement on the amount due on May 2, according to the financial newspaper Il Sole 24 Ore. ...

Tag: Gucci

Owner of Gucci Offered to Acquire Tiffany & Co for $14.5 billion

Gucci owner to pay record $1.7 billion fine