Qatar acquires 5.2% stake in US jewellery giant

Qatar Investment Authority becomes largest sharholder in Tiffany, says UK's FT

Tiffany & Co

Tiffany & Co

Qatar’s sovereign wealth fund has acquired a 5.2 percent stake in Tiffany, the US-based jewellery retailer, it was reported on Friday.

The stake expands the portfolio of the Qatar Investment Authority, which also owns Harrods, the luxury London department store, a 17 percent stake in Volkswagen and a one percent stake in LVMH, the French luxury group which owns Louis Vuitton, the UK's Financial Times reported.

QIA acquired its position last year and reported it this year in a Securities and Exchange Commission filing, the FT said.

According to the filing, QIA’s stake in Tiffany hit 5 percent on December 30 and is estimated to be worth about $437m.

The FT said the QIA declined to comment about the investment.

The stake makes the QIA Tiffany’s largest shareholder, with investment fund Vanguard the next largest, with 5.17 percent, it added.

Qatar's investment firms have been on a buying spree in France in recent months, including the purchase of football team Paris Saint-Germain.

Qatari funds have also bought 10 percent of French media company Lagardere and 5.6 percent of construction giant Vinci.

Last month it was also reported that Qatar had a two percent stake in oil group Total.

The wife of the Qatari emir bought a controlling stake in French handbag maker Le Tanneur & Cie in May last year while the Gulf state also has an interest in London department store Harrods.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi Arabia spends money to make money

Saudi Arabia spends money to make money

Tour of Asia by Saudi Arabia's King Salman advances drive to...

Soft money: will cash transactions soon be a thing of the past?

Soft money: will cash transactions soon be a thing of the past?

The rapid digitisation of banking in the UAE is enabling robots...

Oman gains breathing space with jumbo $5bn bond sale

Oman gains breathing space with jumbo $5bn bond sale

Order books for the issue totalled $20bn, showing that Oman can...

Most Discussed
sponsoredTracking