French luxury group LVMH has persuaded U.S. jewelry chain Tiffany & Co 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.
Italian authorities arrested the boss of a company in the southern city of Naples that employed dozens of undocumented workers allegedly making leathergoods for some of Europe's best-known luxury groups.
Tiffany & Co has asked Bulgari owner LVMH to raise its $14.5 billion acquisition offer, arguing that it significantly undervalues the U.S. jewelry chain, people familiar with the matter said on Wednesday.
Luxury brands from Prada to Cartier are counting the cost to their businesses of four months of unrest in Hong Kong that has kept tourists away and forced shops to shut, with upcoming results set to show the damage.
Chinese consumers were behind a third of all luxury spend globally last year, but more of their cash is being splashed out at home rather than in the world’s key shopping cities, the latest Bain luxury report said.
Gucci, the Italian fashion label driving revenue growth at French luxury group Kering, will branch into high end jewellery with a collection in June or July, Kering boss François-Henri Pinault said on Friday.