Louis Vuitton owner buys jeweller Tiffany & Co for $16 billion

Louis Vuitton owner LVMH is buying US-based jeweller Tiffany & Co for more than $16 billion in the largest luxury-goods deal ever. LVMH's Chairman and CEO Bernard Arnault said Tiffany has an "unparalleled heritage" and fitted with its brands. Tiffany has suffered falling jewellery sales, hit by lower spending by tourists and a strong US dollar.