LVMH Moët Hennessy—Louis Vuitton SE (LVMH) and Tiffany announced Monday that the companies had entered into an agreement that aims to boost LVMH's U.S. presence, with CEO Bernard Arnault touting a shared "respect and admiration" behind the acquisition.

"We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family," Arnault said in a press release. Tiffany CEO Alessandro Bogliolo, meanwhile, pointed to the brand's "long-term growth" goals as key in the decision.

"This transaction, which occurs at a time of internal transformation for our legendary brand, will provide further support, resources, and momentum for those priorities as we evolve towards becoming The Next Generation Luxury Jeweler," Bogliolo said. "As part of the LVMH group, Tiffany will reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values."

Monday's reports on the acquisition, including this one from the New York Times, pointed to both LVMH's status as the biggest luxury goods company on the planet and the "largest ever in the sector" distinction of the deal itself. Earlier this year, Rihanna linked up with LVMH to launch her luxury Fenty house.

Other LVMH brands include Fendi, Givenchy, Christian Dior, Marc Jacobs, and Kenzo. 

Back in June, Arnault became the third person to cross the $100 billion worth threshold, joining Jeff Bezos and Bill Gates.