Investing.com - Luxury goods makeres were higher in midday trade on Monday after LVMH’s surprise bid for Tiffany & Co (NYSE:TIF) sparked speculation of consolidation in the sector.
LVMH (PA:LVMH) 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:GOOS) rose 5% in midday trade, while Signet Jewelers (NYSE:SIG) was up 5.2%. Tiffany (NYSE:TIF) jumped 30%, while Tommy Hilfiger owner PVH NYSE:PVH) fell 1.6%.