Tiffany Bought for $16.2 Billion — Will It Impact Tiffany’s Store and Manufacturing in RI?

Tiffany Bought for $16.2 Billion — Will It Impact Tiffany’s Store and Manufacturing in RI?

The Wall Street Journal is reporting that “the European luxury conglomerate behind Louis Vuitton and Bulgari is taking over Tiffany & Co. in a more than $16.2 billion gamble that it can restore shine to the famed jeweler.”

The deal gives LVMH a classic American brand that has struggled with weak demand in the United States and globally.

The sale of the brand means change for the iconic retailer who operates a retail store at Providence Place Mall and more importantly employs hundreds at a manufacturing facility in Cumberland, RI.

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The Cumberland facility opened in 2001 and the facility is 100,000 square feet.

“It is also a bet on China’s economy and its consumers, whose fast-rising incomes have made them the luxury industry’s most important customers. In search of growth, Tiffany is building flagship stores in several Chinese cities,” WSJ.

The 182-year-old jewelry company operates more than 300 stores.