Tiffany & Co. to LVMH

Luxury & Apparel/Oct 2020/Centerview, Goldman Sachs

Deal Information

Target

Tiffany & Co.

Acquiror

LVMH

Sector

Luxury & Apparel

Target Type

Public

Acquiror Type

Strategic

Advisors

Centerview, Goldman Sachs

Enterprise Value

$16.6B

EV / LTM Sales

3.8x

EV / LTM EBITDA

16.6x

EV / Fwd EBITDA

Comparable transactions cited by the advisor, excluding the subject transaction.

EV / LTM EBITDA selected range: 15.0x - 20.0x

9 comps


Mar 2011	Bulgari S.p.A.	LVMH Moët Hennessy-Louis Vuitton SE	-	-	25.8x	-
Jan 2013	Harry Winston Inc.	The Swatch Group Ltd.	-	-	24.4x	-
Jul 2013	Loro Piana S.p.A.	LVMH Moët Hennessy-Louis Vuitton SE	-	-	21.0x	-
Feb 2014	Zale Corporation	Signet Jewelers Ltd.	-	-	15.6x	-
Apr 2016	SMCP S.A.	Shandong Ruyi Technology Group Co., Ltd.	-	-	12.4x	-
Apr 2017	Christian Dior S.E.	LVMH Moët Hennessy Louis Vuitton SE	-	-	15.6x	-
May 2017	Kate Spade & Company	Coach, Inc.	-	-	10.4x	-
Jul 2017	Jimmy Choo PLC	Michael Kors Holdings Limited	-	-	17.5x	-
Sep 2018	Gianni Versace S.r.l.	Michael Kors Holdings Limited	-	-	22.0x	-
	Mean			-	18.3x	-
	Median			-	17.5x	-

EV / LTM EBITDA selected range: 12.0x - 20.6x

10 comps


Mar 2011	Bulgari S.p.A.	LVMH	-	-	25.8x	-
Mar 2013	Harry Winston, Inc.	The Swatch Group AG	-	-	24.4x	-
Jul 2013	Loro Piana S.p.A.	LVMH	-	-	21.0x	-
Mar 2015	YOOX Net-A-Porter Group S.p.A.	Compagnie Financiere Richemont AG	-	-	15.9x	-
Aug 2016	Tumi Holdings, Inc. Classified as a US Target in the mean grouping 'Mean (US Targets, Kate Spade and Tumi)' with a mean of 12.0x.	Samsonite International S.A.	-	-	13.6x	-
Apr 2017	Christian Dior SE	LVMH	-	-	15.6x	-
May 2017	Kate Spade & Company Classified as a US Target in the mean grouping 'Mean (US Targets, Kate Spade and Tumi)' with a mean of 12.0x.	Coach, Inc.	-	-	10.4x	-
Jul 2017	Jimmy Choo Group Plc	Michael Kors Holdings Limited	-	-	17.5x	-
Sep 2018	Gianni Versace S.p.A.	Michael Kors Holdings Limited	-	-	22.0x	-
Dec 2018	Belmond Ltd.	LVMH	-	-	22.9x	-
	Mean			-	18.9x	-
	Median			-	19.3x	-