PARIS: Luxury giant LVMH has enlisted Brunswick Group for PR support as it acquires Tiffany & Co. in a deal worth $16.2 billion.
Work on the account is being led by Brunswick U.S. senior partner and CEO of the Americas Nik Deogun and partner Jonathan Doorley, as well as Paris-based partner Aurélia de Lapeyrouse, who heads employee engagement expertise in France for the agency.
Brunswick was hired specifically for this assignment, according to a source familiar with the matter.
Meanwhile, Tiffany has engaged the services of Sard Verbinnen & Co., an agency the jewelry company has worked with in the past. Sard staffers list Tiffany work on their website bios.
Chairman and co-CEO George Sard, MD Paul Scarpetta and MD Chris Kittredge work on the account in the U.S., while the agency’s London principal Eve Young will lead in the U.K.
Brunswick declined to comment. A Sard representative couldn’t be reached for comment.
After weeks of waiting, LVMH and Tiffany jointly announced a deal had been reached at $135 per share earlier this week after both companies’ boards gave their approval.
They expect the acquisition to be finalized in mid-2020 after it clears the necessary regulatory and shareholder hurdles, according to CNBC, which first broke the news last week that the two companies reached a deal.
Founded in 1837 in New York, Tiffany rose to become a leading global luxury brand. LVMH, which houses 75 other brands, said in a statement that Tiffany will "transform" its watches and jewelry division.
Tiffany has seen annual sales and profit fall between 2015 and 2017, according to CNBC. The company’s revenue growth bounced back in 2017. In recent years, sales in the U.S. and Asia have been damaged by the U.S.-China trade war, among other factors.
Citi and J.P. Morgan served as financial advisors to LVMH, while Skadden, Arps, Slate, Meagher & Flom served as legal counsel, according to a joint statement. For Tiffany, Centerview Partners and Goldman Sachs served as financial advisors and Sullivan & Cromwell served as legal counsel.