The main goal of this thesis is to investigate on the value implications ofmergers and acquisitions (M&A) conducted worldwide in the luxury sector overthe period from nineties to June 2012.The first step has been try to understandthe luxury goods industry, its key players and their performances, in order tohave a clearer idea.After having explained what is the process generally run forM&A activities and explore what is happened in the recent years, we try toanswer to a critical question: does M&A in the luxury sector pay? Mainlythrough the use of event studies methodology has been discovered that marketadjustment reveals positive results announcement effects and consequently canbe interpreted as value creating.The analysis attempts to understand alsowhich will be the future trends of M&A activity in terms of bidders, targets andgeographical location, and a certainty arises: future M&A will be accomplished.
　　Last but not least a research of the effects produced by M&A in the industry onconsumers welfare has been done: prices increase but consumers seem not tocare too much about that.