It is expected that the deal will now not be completed until the end of November.
LVMH’s acquisition of world-famous Tiffany & Co. has certainly been rocky to date. The deal was approved back at the end of 2019 with the acquisition of Tiffany intended to strengthen LVMH’s position within the jewellery sector. LVMH is to pay $16.2bn in what will be the company’s largest acquisition deal to date.
Since the initial deal was struck, the coronavirus briefly put the deal in jeopardy due to Tiffany & Co’s plummeting stock market value. However, despite some doubts in whether this deal would in fact go ahead the French luxury group has since announced that it wants to restore Tiffany to its former glory by investing in sales outlets and new collections, among other things.
The delay in the acquisition is down to the U.S. jewellery brand requesting a postponement until November 24, Tiffany doesn’t say exactly why it has requested the postponement.
