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In the largest luxury market takeover in history, French conglomerate LVMH agreed to buy Tiffany & Co. for a reported $16 billion USD.

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After months of rumors, it was confirmed today that luxury giant LVMH will acquire Tiffany and Co, the storied American jewelry company, for $16.2 billion dollars. The deal is the largest ever in the luxury sector, according to The New York Times.

To celebrate the deal, LVMH turned its homepage Tiffany blue today. “We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family," said Chairman and Chief Executive Bernard Arnault in a statement. "We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”

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