Home / Knowledge / News / Fashion / LVMH cannot complete acquisition of Tiffany & Co

LVMH cannot complete acquisition of Tiffany & Co

10
Sep '20
Pic: Shutterstock
Pic: Shutterstock
French luxury group LVMH recently called off its acquisition of US jewellery giant Tiffany & Co, citing delay in the closing date. The company had received a letter from the French government, directing it to defer the acquisition of Tiffany until after January 6, 2021, it said in a statement. This comes amid a recent threat to impose taxes on French products by the United States.

"The board learned of a letter from the French European and Foreign Affairs Minister, which, in reaction to the threat of taxes on French products by the US, directed the group to defer the acquisition of Tiffany until after January 6, 2021," the Louis Vuitton parent said.

LVMH's board also took note of Tiffany's request to extend the "Outside Date" in the merger agreement from November 24 to December 3, 2020.

"As a results of these elements, and knowledge of the first legal analysis led by the advisors and the LVMH teams, the board decided to comply with the merger agreement signed in November 2019 which provides, in any event for a closing deadline no later than November 24, 2020, and officially records that, as it stands, the Group LVMH will therefore not be able to complete the acquisition of Tiffany & Co.," it said.

LVMH had in November last year agreed to a $16.2 billion acquisition of Tiffany, whose shareholders gave the green light to the deal in February this year.

Tiffany's has now reportedly decided to sue the French luxury group for resorting to delaying tactics to force a renegotiation of the deal.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Dhaka Chamber of Commerce & Industry

Apparel/Garments | On 2nd Mar 2021

Bangladesh's DCCI calls for strategy committee to get EU

Dhaka Chamber of Commerce & Industry (DCCI) president Rizwan Rahman...

Pic: PlatformE

Information Technology | On 2nd Mar 2021

Portugal companies join hands for digital acceleration

PlatformE International has acquired Portugal-based Springkode....

Pic: Whispering Smith

Fashion | On 2nd Mar 2021

UK's Whispering Smith reports sharp rise in made-to-order

Whispering Smith, Britain's biggest fast-fashion wholesale importer...

Interviews View All

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Wearables have very limited reach

Top executives, Textile industry

Top executives
Textile industry

The budget will give major impetus to textile and apparel consumption

Liz Manning,

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Herbert Guebeli,

Herbert Guebeli

Switzerland-based Sedo Engineering develops technologies for the denim...

Urmil Arya,

Urmil Arya

Sushila International, a well established textile organisation established ...

Eric Scholler, Groz-Beckert

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe, Nature Works LLC

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Iago Castro Asensio, RCfil Distribuciones S.L.

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Tony Ward, Tony Ward

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman, Gildan Activewear SRL

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Sanjukta Dutta, Sanjukta's Studio

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search