LVMH Ups Tiffany Bid to $16 Billion

(IDEX Online) - LVMH has raised its bid for U.S. jewelry chain Tiffany & Co to almost $16 billion, according to reports by Reuters. Earlier this month, Tiffany turned down the French luxury group's $120-per-share offer, arguing that the company is worth more.

Reuters quoted sources that said Tiffany agreed to give LVMH access to its books. They also said the jewelry company plans to continue negotiating for a better offer, however, there is no guarantee a deal will be reached.

In related news, Tiffany has hired former Barneys New York chief executive Daniella Vitale as executive vice president and chief brand officer. The brand officer post is new for the company. She will oversee Tiffany's merchandising and marketing efforts and will report directly to CEO Alessandro Bogliolo. 

Vitale was previously president and chief executive of Gucci in the Americas.