The acquisition of Tiffany & Co by French luxury group LVMH is delayed by three months, for reasons that are not disclosed. LVMH will have to wait for 24 November to put Tiffany’s diamond ring around its finger.
Full price
On 24 August, the acquisition of jewellery chain Tiffany by LVMH was supposed to be a fact, but the American brand has requested a postponement until 24 November. That possibility of extension had already been agreed in advance with the competition watchdog in the United States.
LVMH is to pay 16.2 billion dollars (14 billion euros) for what is its largest acquisition deal ever. The French luxury group, owned by billionaire Bernard Arnault, wants to restore Tiffany to its former glory by investing in sales outlets and new collections. Why the latter has now delayed the acquisition implementation, is as of yet unknown.
The acquisition had been in jeopardy before: LVMH got cold feet due to the corona crisis and was considering renegotiating the deal. The stock market value of Tiffany had plummeted by then, causing Arnault to have doubts about the agreed sum. In the end, however, according to Reuters, there would have been no renegotiation and the Frenchman still pays the full price, albeit three months later.
