LVMH bid for jeweller Tiffany is latest attempt to target China’s new wealthy generation
Two of Europe’s wealthiest families, and one from South Africa, are fighting it out for control of the world’s most-sought after luxury goods brands, and with them, the pounds, euros, dollars and yuan the richest 1% are spending on trying to make themselves look good.
The attempt by France’s richest person, Bernard Arnault, to snap up the US jeweller Tiffany for $14.5bn (£11bn) via his LVMH group is the latest in a wave of consolidations in the luxury goods industry that is tilting towards the “Fuerdai” – a new generation of wealthy Chinese consumers.
Related: Luxury goods group LVMH makes $14.5bn Tiffany & Co approach
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