Facebook to move to Hudson Yards, New York

The US tech company Facebook (FB) is increasing its presence in New York. The company has agreed to rent three towers totalling 139.000 m2 in the three developing buildings in the west side area of Manhattan, Hudson Yards. According to the information, the employees are moving already next year to the new offices.

The Hudson Yards has got several real-estate certifications for its sustainable buildings, materials and public transport. The area has already Leed Platinum for Hudson Years 10 and the Eastern Yards has got Leed- Neighborhood Development Gold (Leed ND).

The area is expected to gain more than 20 million visitors annually.  The area is having over 14 acres of public plazas, gardens and over 100 different shops and high-end retailers. The shops include for example luxury brands like Dior, Tiffany and Watches of Switzerland.

Facebook shares closed down 0,02 % to 193,15 dollars in New York on Thursday.

 

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LVMH is considering Tiffany takeover – Bloomberg

The world largest luxury company, the French LVMH (LVMH) is considering a takeover of the US luxury company Tiffany & Co (TIF). The takeover, according to Bloomberg, would increase the French company´s presence in the US markets, but according to the news, there is no guarantee of the possible deal.

Tiffany, which was founded in 1837 in Manhattan, is one of the leading luxury houses in the US with the annual turnover of 4,4 billion dollars and net earnings 586 million dollars in 2018. The company has over 300 brand stores globally for its jewellery, timepieces, accessories and fragrances.  Nearly half of its sales comes from the US markets, while Asia counts about 30 %, Japan 15 % and Europe 11%.

The market cap of Tiffany is about 11,9 billion dollars, while the French rival LVMH is about 190 billion euros.

The French company LVMH has been investing in the US markets and last week the company opened its Louis Vuitton factory in Texas. LVMH´s other brands in the luxury jewellery category are for example Bulgari, Dior, Hublot and Tag Heuer.

Both companies enhance the luxury and sustainability integration and for example Tiffany has launched a Diamond Source Initiative, where customers can know the geographical region of their individually registered diamonds.

 

 

 

 

 

 

 

 

 

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