The sale is set to transform LVMH’s Watches and Jewellery division and complement the group’s distinguished Maisons.
Following the closure of the deal, LVMH also announced several leadership appointments, including Anthony Ledru, the former senior vice president of North America at Tiffany, as its new chief executive officer.
Ledru said: “I am delighted to re-join Tiffany, the most iconic American luxury brand which I have long admired. The inclusiveness and optimism upon which Tiffany was founded resonate now more than ever.
“I also come back to a Maison that is at the forefront of the environmental and sourcing standards in its industry. Going forward, I have deep confidence in LVMH’s commitment to protect the brand, drive its growth strategy and apply the highest standards of retail excellence to Tiffany.”
He added: “The potential ahead is limitless, and I look forward to writing this next deeply promising chapter, along with the 14,000 Tiffany employees around the world.”