LVMH has consolidated its position as the world's largest luxury goods company by using its huge cash flow to acquire Tiffany & Co. The New York jeweler's $16 billion takeover is the largest ever made in the luxury goods sector. It puts LVMH more or less on a par with Richemont in the area of jewelry and watches, and it adds an iconic brand that can also be used in other sectors. Investors have responded positively, raising LVMH's capitalization to more than €200 billion for the first time, nearly three times the level of Kering.

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