Louis Vuitton’s parent company LVMH has acquired luxury jewelry company Tiffany for $16.2 billion, making it the largest luxury-goods deal in history.

LVMH chairman Bernard Arnault, who is France’s richest man, has been coveting the US-based jewelry company since acquiring the Bulgari brand in 2011 for $5.2 billion. Financial experts report that Tiffany has lost its appeal in recent years and has not kept up with millenials, and LVMH has experience with revitalizing brands.

Arnault released a statement following the Tiffany deal:

“We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons [brand houses]. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”ย