Surprise in the world of jewelry: LVMH has gone into reverse and announced that it will no longer buy Tiffany & Co. And the American company has taken legal action to challenge the turnaround. The first doubts about the real intention of Monsieur Bernard Arnault’s French group to proceed, as agreed last autumn, with the purchase of the American giant had emerged at the end of spring when the board of directors of the French luxury company (Christian Dior, Bulgari, DKNY, Fendi, Céline, Guerlain, Givenchy, Kenzo, Loro Piana, Louis Vuitton, TAG Heuer, Moët & Chandon, Veuve Clicquot, Hennessy) had expressed perplexity regarding the agreed price of $ 16.2 billion. The covid, which depressed the sector’s sales, was (maybe) the cause. But, says Tiffany, the pacts must be respected.
The New York Maison led by Alessandro Bogliolo (among other things, a former manager of Bulgari, who is now part of LVMH) has announced that it has already filed a lawsuit with the Court of Chancery of the State of Delaware. In fact, LVMH had already asked to postpone the definitive signature to November 24, three months after the date agreed almost a year ago, but in any case on the basis of a clause in the contract. According to the British newspaper Financial Times, on the decision of the giant LVMH also weighs a request from the French government to renounce the agreement in order not to undermine an ongoing trade war with the United States.
