The news comes as the group intends to walk away from the $16.2bn purchase of Tiffany following a number of contributing factors.
The ongoing battle between LVMH and Tiffany & Co has seen a new development as the multinational corporation; LVMH has filed a countersuit against the luxury jeweller, stating that LVMH “continues to have full confidence in its position that the conditions necessary to close the acquisition of Tiffany have not been met. The Spurious arguments put forward by Tiffany are completely unfounded.”
A number of contributing factors have been attributed to the falling through of the acquisition deal. LVMH cited the threat of US tariffs on French goods and Tiffany’s request to extend the deal deadline, as well as the ongoing coronavirus crisis having a material adverse effect.
