Sunday, 15 March 2009

Buffett Spends Big On Tiffany – 19/2/09

One of the world’s richest men, billionaire Warren Buffett, has spent big on luxury jewellery chain Tiffany & Co. And no, he’s not filling his pockets with billion-dollar bling, he’s invested in their corporate bonds.

According to a Business Week article, on 12 February, Buffett’s company, Berkshire Hathaway, purchased $250 million of Tiffany’s 10.00% Series A-2009 and Series B-2009 Senior Notes. This was a big boost for Tiffany, whose holiday sales were reportedly down 21 percent. Hopefully Buffett’s splurge is enough to give Tiffany back some of its sparkle.

Consult Bloomberg’s report, Buffett’s Berkshire Agrees to Purchase Tiffany Bonds, for more detailed facts and figures.

Posted by MO at 10:43 pm
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Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury, www.moluxury.com.au