Qatar's sovereign wealth fund has made its first big investment in a US public company by acquiring a 5.2 per cent stake in Tiffany, the jewellery retailer known for its diamond rings and blue, ribboned boxes.
The stake expands the growing luxury portfolio of the Qatar Investment Authority , which also owns Harrods, the upmarket London department store, a 17 per cent stake in Volkswagen, which owns Audi and Lamborghini, and a 1 per cent stake in LVMH, the French luxury group which owns Louis Vuitton bags, Dior perfume and Dom Pérignon champagne.
Tiffany has been a leading beneficiary of strong growth in luxury sales that has continued in spite of global economic uncertainty thanks to new emerging market buyers and wealthy westerners.
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