It was to be the largest acquisition ever made in the field of luxury: that of the American jeweler Tiffany by LVMH, Bernard Arnault’s luxury giant, for 16.2 billion dollars. But the French group announced yesterday that, “considering how things stand at present”, the operation has nothing to do.
LVMH says it has received a letter from the French foreign minister, Jean-Yves Le Drian, asking for the operation to be postponed until after January 6, 2021 as a “response to the US threat to tax French products”. In short, a little help from Monsieur Arnault to his friend Emmanuel Macron. Also according to LVMH, it was also Tiffany who asked to extend the deadline to complete the agreement from November 24 to December 31, 2021. But as a response, the US company sued LVMH before the Delaware court, because it complies with the obligations of the contract. What if behind Arnault’s sudden decision there was the desire to reduce the offer, concluded before the coronavirus patatrac, and today judged too generous? Or maybe the billionaire has changed his mind. And he has another acquisition in mind.