Due to the reduction of tourists and office staff due to the epidemic, the vacancy rate of the Trump Tower store in Manhattan, New York, has soared, Tiffany&Co. Tiffany plans to close the Trump Tower flagship store after the lease expires in mid-2022.
The store was used as a flagship store and used to be Tiffany&Co. The store with the largest area in the world and the largest contribution to sales. At present, both Tiffany and Trump Group Executive Vice President Eric Trump declined to comment on the news.
However, it is worth noting that on October 29, 2020, LVMH and Tiffany issued a joint statement stating that the two parties reached a consensus on amending some of the terms of the original merger agreement and will acquire Tiffany for $131.5 per share in cash. At the same time, the conditions required for the transaction are reduced, while “other terms remain unchanged.” The acquisition was completed.
This month, according to analysts from Royal Bank of Canada, LVMH, the world’s largest luxury goods group, has continued to maintain its “outperform” rating because the newly acquired Tiffany company is expected to make up for LVMH’s tax-free, watches, perfume, and cosmetics Of fatigue. As of Tuesday’s close, LVMH shares rose 1.72%, with a market value of 265.7 billion euros, a record high.