Home » Business » LVMH retreats: it skips the acquisition of Tiffany by the Arnault – Moda group

LVMH retreats: it skips the acquisition of Tiffany by the Arnault – Moda group

The French luxury giant has announced that, contrary to the agreements made, it will not complete the acquisition by 24 November. The decision was made at the request of the Ministry of Europe and Foreign Affairs, which asked to postpone the closing of the agreement until after January 6, 2021.

What had already been renamed as one of the most expensive acquisitions ever will not happen for now.
The WWD, the bible of fashion, reported that for now LVMH will not conclude the acquisition of Tiffany & Co., Originally expected by November 24th or one year from the announcement. There was about $ 16.2 billion at stake 14.7 billion euros.

The decision was taken, the group explained, at the request of the Ministry of Europe and Foreign Affairs, which asked to defer the operation until after January 6, 2021, in light of the threat from the US government to apply a package of new taxes on a series of French products.

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-In reality, there were several rumors that gave the agreement in the balance in light of the crisis for the pandemic, even if the group has always denied them. It is not yet clear when, at this point, the acquisition will be finalized.

According to Financial Times, Tiffany intends to file a lawsuit in the Delaware Court of Chancery to force LVMH to close the transaction.

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-A possible acquisition of Tiffany had made a lot of talk for the popularity of the jewelry brand. The brand has even given its name to a color, the one that stands out on all their packaging. An unmistakable color, known as Tiffany Blue, with a very particular story. Selected by founder Charles Lewis Tiffany for the cover of the Blue Book, the catalog of Tiffany’s annual handcrafted jewelry collection first published in 1845 (the first mail-order in the United States), it was also called robin’s-egg blue or forget-me-not blue, blue robin and forget-me-nots, because it should have made those in front of him happy, even before the package was opened. But it seems that this color was also chosen because of the popularity of the turquoise stone in 19th century jewelry. Turquoise was also the favorite color of Victorian brides who gave their attendants a turquoise brooch in the shape of a dove as a reminder of their wedding day. In short, all this has contributed to creating the myth of Tiffany especially among young women who mark the symbolic stages of their life with the brand’s jewels.
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