Harrods owner nets $892 million from Tiffany & Co. sale

Tiffany & Co_KingOf.London

Harrods owner Qatar Investment Authority made a gain of around $892 million when it sold shares in Tiffany & Co as part of LVMH’s $15.8 billion acquisition of the U.S. jeweller, according to analyst estimates and filing data.

Best known for its diamond engagement rings, Tiffany’s last quarterly earnings indicated the retailer had started to recover from the ravages of the coronavirus pandemic, with a 70% rise in sales in China and an e-commerce sales surge of 92% in the quarter.

QIA did not respond to a Reuters request for comment.

The Tiffany stake was one of several glitzy purchases QIA made in the years after the global financial crisis as it deployed the Gulf nation’s plentiful natural gas riches in assets ranging from German sports car maker Porsche to London’s Canary Wharf business district.

Be the first to comment

Leave a Reply

Your email address will not be published.