World leader in luxury LMVH, according to reports, has purchased Tiffany and Co, iconic luxury jewel house, for a huge 16.2 billion dollars, after negotiating for an initial bid of $14.5 billion.

The Paris-headquartered multinational luxury goods conglomerate wanted to restore shine to Tiffany, whose revenues have slowed due to lower tourist spending, and used this purchase to strengthen the current hold on the jewelry industry while securing its position as the top global luxury retailer, warding off Kering and Cartier-owner Richemont, which has been recently interested into pushing its jewelry business.