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| Title: | 企業併購案例分析： 以LVMH併購Tiffany & Co.為例
Merger and Acquisition Case Study: LVMH’s Acquisition of Tiffany & Co. |
| Authors: | 陳宇文
Chen, Yu-Wen |
| Contributors: | 吳啟銘
Wu, Chi-Ming
陳宇文
Chen, Yu-Wen |
| Keywords: | LVMH
Tiffany
併購
奢侈品產業
珠寶
LVMH
Tiffany
Mergers and acquisitions
Luxury industry
Jewelry |
| Date: | 2021 |
| Issue Date: | 2021-08-04 16:35:06 (UTC+8) |
| Abstract: | 近年，珠寶領域在奢侈品產業的崛起趨勢以及消費者偏好的轉變，使雙方 皆在尋求突破困境或擴大市佔份額的機會。本研究以個案研究方式分析 LVMH 併購 Tiffany & Co.，以事前分析的外部環境誘因和內部併購動機 ，事中分析交易特性及評價合理性，事後檢視事前和事中的分析是否與市場反應一致以及合併後整合上的作法與發展。
這份研究發現，奢侈品產業高進入門檻的特性，使其在面對產業趨勢變化時，會以併購其他品牌的方式豐富產品組合並強化其在特定領域的能力，以維持領導地位。奢侈品產業強調品牌的歷史文化內涵，因此透過併購獲得難以複製的品牌資產，是擴大市佔率最快速的方式。同時，在大強公司併購小強公司後，因主併方具有集團式的豐富資源，在對被併方進行改造與整合時更能擺脫短期績效壓力的框架，以塑造品牌的長遠規劃為策略。
併購策略上的互補性越強，事後所能帶來的綜效也越高。主併因應產業趨勢而進行的併購，若能夠明確帶來策略性互補，使主併方擁有可持續競爭的優勢，而被併標的又具有稀少性，所付出的溢價是可被市場接受的。本個案研究提供管理者在進行奢侈品產業相關水平併購策略思維面向的參考依據。
Jewelry has become one of the fastest-growing divisions in the luxury industry. The rising trend in the consumption of jewelry and the change in consumer preferences, prompting the LVMH-Tiffany deal. This thesis discusses the M&A strategy, including external and internal motivations, characteristics of the deal, valuation, market reaction and the integration after the acquisition, in order to understand whether the stock market reaction in line with our expectations and whether the deal creates value.
Luxury industry is the industry with high barriers to entry. To keep the leading position, luxury companies enhance their product portfolio and strengthen competitive advantages by M&A. The heart of the luxury industry often stands hundred years of experience, iconic heritage and commitment to excel. Therefore, acquiring the unparalleled brand asset through M&A is the fastest way to expand the market share. As the world`s largest luxury group, LVMH can provide Tiffany the kind of time and resource needed to achieve its aims for long-term growth.
Strong strategic complementarities in M&As can creates high synergy after the integration. Finding suggest that strategic fit could be identified in LVMH-Tiffany deal and help the acquirer establishes sustainable competitive advantages. Also, Tiffany is a rare target in the world of jewelry. For reasons outlined above, acquisition premium is acceptable by the market. This study can be used as a reference for the manager to conduct the horizontal merger & acquisition in luxury industry. |
| Reference: | 1. 吳啟銘，(2010)。《企業評價: 個案實證分析》。台北市:智勝文化
2. 勤業眾信(2018)，全球奢侈品力量報告 2018
3. Joy Ishii & Yuhai Xuan,(2013). Acquirer-target social ties and merger outcomes, Journal of Financial Economics, 112, 344-363.
4. Lucian Bebchuk, Alma Cohen, & Charles C.Y. Wang. (2014). Golden Parachutes and the Wealth of Shareholders. Journal of Corporate Finance, 25,
140-154.
5. Stefano Caiazza & Alberto Franco Pozzolo,(2016). The determinants of
failed takeovers in the banking sector: Deal or country characteristics?, Journal
of Banking & Finance, 72, 92-103.
6. 3 Ways Millennials And Gen-Z Consumers Are Radically Transforming The Luxury Market, Retrieved May 29 2019, from: https://www.forbes.com/sites/pamdanziger/2019/05/29/3-ways-millennials-and- gen-z-consumers-are-radically-transforming-the-luxury- market/?sh=5d8578b7479f
7. As Tiffany, LVMH Deal Drags on, What Does it Mean for Competition in the Luxury Sphere?, Retrieved August 27 2020, from:
https://www.thefashionlaw.com/as-tiffany-lvmh-merger-drags-on-what-is-it- mean-for-competition-in-the-luxury-sphere/
8. Bloomberg Terminal [Computer software]. New York, NY: Bloomberg.
9. Bain - Altagamma(2020)，Worldwide Luxury Market Monitor 2020
10. Cartier, Tiffany, Bulgari Are Digital `Geniuses,` According To Annual Report, Retrieved February 22 2019, from: https://www.forbes.com/sites/anthonydemarco/2019/02/22/cartier-tiffany- bulgari-are-digital-geniuses-according-to-annual-report/?sh=6c9ad3f8644b
11. How LVMH Can Turn Tiffany Into a True Global Luxury Player, Retrieved November 27 2019, from: https://fortune.com/2019/11/25/tiffany-lvmh-deal- acquisition-luxury/
12. LVMH And Tiffany Is A Marriage Made In Luxury Heaven, Retrieved October 28 2019, from: https://www.forbes.com/sites/pamdanziger/2019/10/28/lvmh-
and-tiffany-is-a-marriage-made-in-luxury-heaven/?sh=222c7c1b35b7
13. LVMH’s Acquisition of Tiffany for $16.2 billion, Retrieved June 18 2020, from: https://medium.com/@mergers.acquisitions2468/lvmhs-acquisition-of-tiffany- for-16-2-billion-18a2ad1f626c
14. Tiffany top execs could receive $98.5 million from reworked LVMH deal, Retrieved 2020, from:
https://today.westlaw.com/Document/Ie813cb412a8511ebbea4f0dc9fb69570/Vie w/FullText.html?transitionType=Default&contextData=(sc.Default)&firstPage=t rue
15. The necessity of luxury: What makes this industry so resilient?, Retrieved October 22 2020, from: https://www.capitalgroup.com/europe/capitalideas/article/necessity-of- luxury.html
16. ‘Unwelcome’ antitrust approval for LVMH-Tiffany deal, Retrieved October 27 2020, from: https://www.retaildetail.eu/en/news/fashion/‘unwelcome’-antitrust- approval-lvmh-tiffany-deal
17. Watches and Jewelry 2018, Retrieved February 20 2018, from: https://www.gartner.com/en/marketing/research/watches-and-jewelry-2018 |
| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
108363023 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0108363023 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202100927 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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