Buyout Diary

Why even Bernard Arnault could not turn Tiffany around fast enough

Two record years. Then market share losses to Cartier. The honest version of the $15.8 billion integration.

May 4 • Alexander Kelm

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April 2026

Why financial engineering alone will not generate the returns you need

Operations, tech stack, and finance function. The three durable levers most buyers underuse.

Apr 27 • Alexander Kelm

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LVMH tried to kill the Tiffany deal. Then closed it for $425 million less.

Inside the biggest legal dispute in luxury history and the $425M lesson at the end.

Apr 20 • Alexander Kelm

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How to close your first European acquisition when the equity gap is real

Bank debt, seller financing, subsidies, and a capital partner — how the full stack fits together

Apr 13 • Alexander Kelm

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How Arnault integrated BVLGARI without destroying what made it valuable

The post-acquisition playbook most buyers never build

Apr 6 • Alexander Kelm

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March 2026

Before the bank opens your file, they have already decided

What European lenders are really thinking in the first meeting, and how to be ready for it

Mar 30 • Alexander Kelm

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What a €4.3 billion deal teaches a self-funded buyer

The best acquirers in the world think differently. Here is how.

Mar 23 • Alexander Kelm

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The American ETA playbook does not work in Europe. Here is why.

Different capital, different sellers, different culture. Europe needs its own model.

Mar 16 • Alexander Kelm

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Fund vs solo. I made my decision.

I set a deadline of 28 February. I kept it. Here is what I decided and why.

Mar 9 • Alexander Kelm

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You told me what you need. Here is what I am building.

Survey results, what they revealed, and the product I built in response.

Mar 2 • Alexander Kelm

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January 2026

I’m taking 4 weeks off (here’s why)

Building ETA Europe: the infrastructure European searchers need. First 50 get founding member access.

Jan 26 • Alexander Kelm

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From ETA Amsterdam to ETA Benelux: What I’m Building in Q1

Expanding beyond one city. Building European acquisition infrastructure together.

Jan 19 • Alexander Kelm

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