Investing.com – Luxury goods makeres were higher in midday trade on Monday after LVMH’s surprise bid for Tiffany & Co (NYSE:) sparked speculation of consolidation in the sector.
LVMH (PA:) made an unsolicited offer of $120 per share for the luxury jewelry retailer, which Tiffany’s says it is reviewing. The $14.5 billion offer would help LVMH, which owns Christian Dior, Givenchy, and Bulgari, expand into the U.S. market.
Canada Goose (NYSE:) rose 5% in midday trade, while Signet Jewelers (NYSE:) was up 5.2%. Tiffany (NYSE:) jumped 30%, while Tommy Hilfiger owner PVH NYSE:) fell 1.6%.
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