Recorded WebinarsJan 14, 2022
Watch: What Will 2022 Bring? Sherry Smith, Peter Smith and Edahn Golan join Editor-in-Chief Michelle Graff and try to answer the question, how long will the party last?
MajorsAug 26, 2020
Tiffany, LVMH Deal Pushed Back to Fall
The billion-dollar acquisition still needs regulatory approval from the European Union, Japan, Mexico and Taiwan.
A platinum and diamond wedding ring set from Tiffany & Co. LVMH’s acquisition of the jeweler will take longer than expected. (Photo courtesy of Tiffany & Co.)
New York—LVMH’s acquisition of Tiffany & Co. is going to take more time.
The French luxury titan and the American jeweler need another three months to complete the $16.2 billion deal, regulatory filings show.
Though the deal was set to close Aug. 24, the terms included a stipulation that one of the parties could push back the closing to as late as Nov. 24 if needed.
Tiffany has postponed the closing, according to an 8-K filed with the U.S. Securities and Exchange Commission.
LVMH declined to comment on the date change. Tiffany did not respond to a request for comment.
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry IndustryReports surfaced in June saying the deal was in jeopardy due to the effects of the COVID-19 pandemic on retail and the civil unrest in the U.S. market as well as concerns about Tiffany’s ability to cover its debt covenants.
The acquisition has yet to receive the necessary regulatory clearance from the European Commission, the Japan Fair Trade Commission, Mexico’s Comisión Federal de Competencia Económica and the Taiwan Fair Trade Commission.
LVMH announced its plans to acquire Tiffany in November 2019, looking to strengthen its presence in the United States.
The deal was approved by Tiffany’s shareholders in February as well as the board of directors of both Tiffany and LVMH.
Editors' Picks
Sponsored by
More on Majors
The Latest
EditorsJan 14, 2022
See a Few of Betty White’s Best Jewelry LooksEditor-in-Chief Michelle Graff celebrates the Golden Girl’s jewelry style ahead of what would’ve been her 100th birthday.
TrendsJan 14, 2022
All About Megan Fox’s Engagement Ring from Machine Gun KellyDesigned by Stephen Webster, it’s a ring-stack take on the toi et moi style.
Brought to you by
Melee the Show Launches Tucson Event, Returns to New York in 2022The boutique tradeshow, happening first in Tucson then New York City, brings together upscale designers from around the world.
GradingJan 14, 2022
GIA Names Anna Martin SVP for Institute, Industry RelationsShe previously served as its senior vice president of business development and beneficiation.
Weekly QuizJan 13, 2022
This Week’s QuizTest your knowledge of the latest jewelry news with this quick test.
TrendsJan 14, 2022
Piece of the Week: Made by Malyia’s Plunging Ocean Wave HoopsCombining thoughtful design and wearability, they were a standout of 2021.
SourcingJan 13, 2022
Part of the Red Beryl Mine Is Producing Again, One Owner SaysRed Emerald Inc., which is under new ownership, started mining at the Utah site last spring.
Brought to you by
Rare & Forever Can Help You Tell A New Story At The Counter And Close More Sales!A.I. technology is revolutionizing the jewelry business through more accurate and consistent diamond grading.
Policies & IssuesJan 13, 2022
There’s Still Time to Sign Up for BIJC’s IDEA SessionsThe first session is scheduled for Jan. 19 and focuses on addressing racial justice and confronting one’s biases.
