近年，珠寶領域在奢侈品產業的崛起趨勢以及消費者偏好的轉變，使雙方 皆在尋求突破困境或擴大市佔份額的機會。本研究以個案研究方式分析 LVMH 併購 Tiffany & Co.，以事前分析的外部環境誘因和內部併購動機 ，事中分析交易特性及評價合理性，事後檢視事前和事中的分析是否與市場反應一致以及合併後整合上的作法與發展。
這份研究發現，奢侈品產業高進入門檻的特性，使其在面對產業趨勢變化時，會以併購其他品牌的方式豐富產品組合並強化其在特定領域的能力，以維持領導地位。奢侈品產業強調品牌的歷史文化內涵，因此透過併購獲得難以複製的品牌資產，是擴大市佔率最快速的方式。同時，在大強公司併購小強公司後，因主併方具有集團式的豐富資源，在對被併方進行改造與整合時更能擺脫短期績效壓力的框架，以塑造品牌的長遠規劃為策略。
併購策略上的互補性越強，事後所能帶來的綜效也越高。主併因應產業趨勢而進行的併購，若能夠明確帶來策略性互補，使主併方擁有可持續競爭的優勢，而被併標的又具有稀少性，所付出的溢價是可被市場接受的。本個案研究提供管理者在進行奢侈品產業相關水平併購策略思維面向的參考依據。

Jewelry has become one of the fastest-growing divisions in the luxury industry. The rising trend in the consumption of jewelry and the change in consumer preferences, prompting the LVMH-Tiffany deal. This thesis discusses the M&A strategy, including external and internal motivations, characteristics of the deal, valuation, market reaction and the integration after the acquisition, in order to understand whether the stock market reaction in line with our expectations and whether the deal creates value.
Luxury industry is the industry with high barriers to entry. To keep the leading position, luxury companies enhance their product portfolio and strengthen competitive advantages by M&A. The heart of the luxury industry often stands hundred years of experience, iconic heritage and commitment to excel. Therefore, acquiring the unparalleled brand asset through M&A is the fastest way to expand the market share. As the world's largest luxury group, LVMH can provide Tiffany the kind of time and resource needed to achieve its aims for long-term growth.
Strong strategic complementarities in M&As can creates high synergy after the integration. Finding suggest that strategic fit could be identified in LVMH-Tiffany deal and help the acquirer establishes sustainable competitive advantages. Also, Tiffany is a rare target in the world of jewelry. For reasons outlined above, acquisition premium is acceptable by the market. This study can be used as a reference for the manager to conduct the horizontal merger & acquisition in luxury industry.

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