Events & AwardsApr 02, 2025
Punchmark to Host Client WorkshopThe educational event will take place in Charlotte, North Carolina, this May.
MajorsSep 09, 2020
Tiffany Sues After LVMH Looks to Call Off Acquisition
The stage is set for a protracted legal battle as the $16 billion deal seems set to dissolve.
The redesigned Tiffany & Co. flagship store at Shanghai Hong Kong Plaza. Tiffany is taking LVMH to court in the United States in an effort to force it to move forward with its acquisition of the specialty jeweler. (Photo courtesy of Tiffany & Co.)
New York—LVMH announced that it is backing out of its agreement to buy Tiffany & Co., and the retailer is not happy about it.
In a statement issued Wednesday morning, LVMH cited closing date issues—Tiffany reportedly asking for a second extension to Dec. 31, 2020 and the French government requesting LVMH wait until January 2021 because of proposed U.S. tariffs on French luxury goods—as the reason for its decision to call off the deal.
LVMH said: “As a result of these elements, and knowledge of the first legal analysis led by the advisors and the LVMH teams, the board decided to comply with the merger agreement signed in November 2019 which provides, in any event, for a closing deadline no later than Nov. 24, 2020 and officially records that, as it stands, LVMH will therefore not be able to complete the acquisition of Tiffany & Co.”
Tiffany responded with its own statement Wednesday morning, announcing it was suing LVMH in an attempt to force it move forward with the $16.2 billion deal.
It claims LVMH has breached the merger agreement, dragging its feet on its obligations and searching for loopholes to get out of the acquisition as outlined.
LVMH, the retailer claims, did not uphold its obligation to “do everything necessary” to secure all required regulatory clearances as promptly as possible.
The merger agreement originally set the deal’s closing date for Aug. 24 but Tiffany asked to extend to Nov. 24—an extension allowed under the agreement—because they still needed a number of antitrust clearances, which Tiffany says LVMH has not been proactive in getting.
As of Aug. 24, with only three months to go until the Nov. 24 closing date, Tiffany noted that, “LVMH had not even filed for antitrust approval … in the European Union or Taiwan, and applications are still outstanding in Japan and Mexico, all due to LVMH’s concerted efforts to delay or avoid receipt of regulatory approvals in those jurisdictions in breach of the merger agreement.”
The specialty jeweler also claimed LVMH was using the purported tariffs as an excuse to back out of the deal.
LVMH said it received a letter dated Aug. 31 from France’s Ministry of Europe and Foreign Affairs informing it of a U.S. government threat to put additional taxes on French products, particularly luxury goods.
The ministry asked the Paris-based luxury conglomerate to show support for France’s efforts to
Editors' Picks
Sponsored by
dissuade the U.S. government from imposing additional tariffs by putting off its acquisition of Tiffany, an American company.
But Tiffany said there is no basis in French law for the Foreign Affairs Minister to order a company to breach a valid and binding agreement, and it accused LMVH of using “any available means in an attempt to avoid closing the transaction on the agreed terms.”
LVMH Moët Hennessy Louis Vuitton announced its intention to acquire Tiffany in November 2019, with the deal originally set to close in mid-2020.
Then COVID-19 hit, taking a toll on luxury retail worldwide.
By June, rumors began to circulate that the deal was on shaky ground, with LVMH Chairman and Chief Executive Bernard Arnault reportedly seeking to pay a lower price for the storied retailer.
Tiffany filed its lawsuit in the Court of Chancery in Delaware, where it is incorporated.
But Tiffany said there is no basis in French law for the Foreign Affairs Minister to order a company to breach a valid and binding agreement, and it accused LMVH of using “any available means in an attempt to avoid closing the transaction on the agreed terms.”
LVMH Moët Hennessy Louis Vuitton announced its intention to acquire Tiffany in November 2019, with the deal originally set to close in mid-2020.
Then COVID-19 hit, taking a toll on luxury retail worldwide.
By June, rumors began to circulate that the deal was on shaky ground, with LVMH Chairman and Chief Executive Bernard Arnault reportedly seeking to pay a lower price for the storied retailer.
Tiffany filed its lawsuit in the Court of Chancery in Delaware, where it is incorporated.
More on Majors
The Latest
Policies & IssuesApr 02, 2025
Jewelers of America to Hold Webinar on TariffsThe virtual event will take place April 7 at 3 p.m.
IndependentsApr 01, 2025
Bergman Jewelers in Omaha Closing After 137 YearsThe independent jeweler first opened its doors in 1888.
Brought to you by
The Heart of the Industry: Giving Bench Jewelers the Recognition They DeserveBench jewelers spend years honing their skills, Jewelers of America’s Certification validates their talents.
Events & AwardsApr 01, 2025
U.S. Antique Shows Adds Fall Show in FloridaThe debut event will take place in Miami’s Coconut Grove neighborhood this fall.
Weekly QuizMar 27, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsApr 01, 2025
TJS to Host Discussion on Jewelry Industry’s Labor ShortageThe roundtable will take place May 17 ahead of the trade show’s welcome dinner.
CollectionsApr 01, 2025
Monica Rich Kosann Says ‘Good Grief’ in Peanuts Jewelry CollectionThe “Peanuts x Monica Rich Kosann” collection features the comic strip’s classic vocabulary across 10 bracelet designs.
Brought to you by
Natural Diamonds Should Mean MoreNatural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.
Recorded WebinarsMar 31, 2025
Watch: What Do We Mean When We Say ‘Recycled’ Gold?Three industry experts dive into the complexities of the material often marketed as an “ethical” alternative for metal in jewelry.
TrendsMar 31, 2025
Amanda’s Style File: Dripping in DiamondsDiamonds are not only one of the most prominent gemstones, but the birthstone for those born in April.
WatchesMar 31, 2025
Bulgari CEO Jean-Christophe Babin Will Also Head LVMH WatchesThe longtime luxury executive led one of LVMH’s watch brands, TAG Heuer, for 12 years before taking over Bulgari in 2013.
CrimeMar 28, 2025
2 Suspects Arrested in $1.7M Smash-and-Grab Robbery of NY Jewelry StoreAuthorities said the robbers fled with jewelry and 70 Rolex watches, later taking pictures of themselves posing with big stacks of cash.
SourcingMar 28, 2025
19th-Century Jade Book Now Available in EnglishLotus Gemology founder Richard W. Hughes has translated Heinrich Fischer’s 1880 book “Nephrit und Jadeit” from its original German.
CollectionsMar 28, 2025
Piece of the Week: Löf’s ‘The Valentine’ RingThe ring's design features contrasting lines influenced by work from architecture-inspired photographer Nikola Olic.
SurveysMar 27, 2025
Consumer Confidence Falls in March Amid ‘Gloomy’ OutlookThe Conference Board’s index fell as consumers continued to worry about the impact of tariffs, the labor market, and the price of eggs.
AuctionsMar 27, 2025
300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction However, two medieval jewels surpassed estimates at Noonans Mayfair’s recent jewelry auction in London.
WatchesMar 27, 2025
Austin Butler Joins Breitling as Brand AmbassadorThe Oscar-nominated actor debuted in the campaign for the new “Top Time B31” collection, which introduced Breitling’s Caliber B31.
SourcingMar 27, 2025
Susan Jacques, Gaetano Cavalieri to Headline 2025 ICA Congress The Congress is scheduled to take place May 19-22 in Brasilia, Brazil.
IndependentsMar 26, 2025
Bailey’s Fine Jewelry Acquires Fellow NC Independent JewelerThe family-owned retailer is the new owner of Morrison Smith Jewelers in Charlotte, North Carolina.
WatchesMar 26, 2025
Bulova Celebrates 150th Anniversary With Art Deco WatchesThe “150 Art Deco” collection features a Miss America timepiece and a pocket watch from the brand’s Archive Series.
MajorsMar 26, 2025
QVC Group Appoints New PresidentAlex Wellen, formerly CEO and president of MotorTrend Group, has taken on the role.
Events & AwardsMar 26, 2025
Jewelers of America Announces New Funding Initiative The Impact Initiative is part of the nonprofit association’s new three-year strategic plan.
AuctionsMar 25, 2025
Christie’s To Auction 35-Carat Sapphire, 13-Carat RubyThe ruby and the sapphire, which Christie’s calls a “once-in-a-generation masterpiece,” are part of the upcoming Hong Kong jewelry auction.
CrimeMar 25, 2025
Tiffany & Co. Earrings Swallowed Following Grab-and-Run Theft RecoveredThe two pairs of earrings, snatched from a Tiffany & Co. store in Orlando, Florida, are valued at a combined $769,500.
ColumnistsMar 25, 2025
The Smart Lab: Using Short-Form Videos to Sell More JewelryThe time to start experimenting with video content is now, writes columnist Emmanuel Raheb.
CollectionsMar 24, 2025
Pomellato’s Latest ‘Nudo’ Collections Revamp its Classic DesignFrom striking high jewelry to miniature fine jewelry, the new chapter continues to highlight gemstones featuring its signature 57-facet cut.
MajorsMar 24, 2025
4 Top Executives to Depart Signet Jewelers Amid TurnaroundThe jewelry giant is reducing its senior leadership by 30 percent as part of its new turnaround strategy.
