AuctionsMar 18, 2026
Collection of the ‘Severely Beautiful’ Lady Wardington Fetches $161KThe model and fashion editor’s gold evening bags were the top lots at the London sale, going for more than $25,000 each.
MajorsSep 14, 2020
Tiffany-LVMH Deal May Be Saved, Say Analysts
LVMH’s acquisition of Tiffany & Co. still has a chance, albeit at a lower price.
A platinum and diamond wedding ring set from Tiffany & Co. Analysts said LVMH’s acquisition of the jeweler may still happen, if the sale price is lowered. (Photo courtesy of Tiffany & Co.)
New York—LVMH’s acquisition of Tiffany & Co. is on shaky ground after the French luxury titan announced Wednesday it would be backing out of its agreement to buy the American jeweler.
Tiffany responded with a lawsuit to force LVMH to move ahead with the deal.
In its official statement issued last week, LVMH cited closing date issues after Tiffany requested a second extension and, it said, the French government asked it to hold off until January 2021 because of proposed U.S. tariffs on French luxury goods.
Tiffany countered that LVMH was looking for a way out of the $16.2 billion deal and breached the merger agreement by dragging its feet on securing the necessary regulatory clearances.
The deal recently received regulatory approvals from the Japan Fair Trade Commission and the Mexican competition authority, according to an 8-K filing with the U.S. Securities and Exchange Commission. It is still waiting for clearances from the European Commission and the Taiwan Fair Trade Commission.
LVMH said last week it plans to file its own lawsuit in response.
It called Tiffany’s lawsuit “totally unfounded” and claimed the jeweler had prepared it “a long time ago.”
After looking over Tiffany’s first-half results, the French luxury conglomerate called its perspectives for 2020 “very disappointing and significantly inferior to those of comparable brands of the LVMH Group during this period.”
LVMH said it would be challenging in court the way Tiffany’s management handled the COVID-19 crisis, noting that the company distributed “substantial dividends” when it was losing money and that its operation and organization are not “substantially intact.”
A long legal battle is likely ahead, but analysts aren’t ready to say the deal is off just yet.
“We’re not experts in French foreign affairs but we do believe that Tiffany & Co. remains an attractive target,” wrote Needham analyst Rick Patel in a note to investors shared with National Jeweler.
RELATED CONTENT: What Tiffany’s Acquisition Means for the Jewelry Industry
The COVID-19 pandemic took a toll on Tiffany’s second-quarter results, Patel noted, but highlighted the retailer’s progress in China, digital, and its new product launches.
Those strategic areas were what LVMH was likely drawn to in the first place, he said.
However, the pandemic has led to lower retail valuations across the board, noted Patel.
The deal could go through if Tiffany is willing to lower its initial selling price of $135 per share, he said, but it’s unclear whether the jeweler is willing to do so.
Oppenheimer analyst Brian Nagel
echoed that sentiment, adding that this will likely be an ongoing negotiation.
“Our best estimate is that there now exists an 80-85% chance (down from 90%-plus) for a deal to occur at or above an acquisition price of $108/share (vs. a current offer of $135/share),” he wrote.
When talk of the deal first began, Tiffany confirmed it had received a bid for $120 per share, which would have valued the company at $14.5 billion.
Tiffany reportedly requested that LVMH up its bid to $130 per share. The final deal was for $135 per share, or $16.2 billion, one of the largest transactions in LVMH’s history.
A price reduction could salvage the deal, said Guggenheim analyst Robert Drbul.
“Considering the deal was initially negotiated in November 2019 (pre-pandemic), the deal could still be finalized, albeit at a lower price,” he wrote. “We continue to believe LVMH is the optimal buyer for Tiffany & Co., and Tiffany is a logical fit within LVMH’s portfolio of brands.”
LVMH said at the time that the addition of Tiffany could strengthen its position in the jewelry market and bolster its presence in the United States.
The acquisition would also give LVMH access to Tiffany’s vertical integration capabilities.
Tiffany established Laurelton Diamonds, a wholly owned manufacturing subsidiary, in 2002. It is a
De Beers sightholder and has also inked long-term rough supply agreements with Alrosa and Dominion Diamond.
The specialty jeweler also holds a stake in a diamond mine in South Africa owned by Canadian mining company Diamcor.
Analyst Patel also took a look back to November 2019, when LVMH first announced its acquisition plans.
In the first half of 2019, Tiffany’s business had slowed and its comps in the Americas were on the decline.
“At the time, Tiffany was known to be a self-help story that was investing in product innovation, marketing, digital and store renovation. In our view, the company remains a self-help story and is making progress on its growth initiatives despite the tough environment,” he wrote.
Looking at Tiffany as a whole, Needham lists an acceleration of same-stores sales in North America, higher-than-expected margins, and a successful introduction of new products as potential upside drivers.
Its risks include a weakening in the North American market, a greater-than-expected commodity inflation and a stronger U.S. dollar, which could hurt tourism.
Needham, Oppenheimer and Guggenheim all have a Hold rating on the jeweler.
“Our best estimate is that there now exists an 80-85% chance (down from 90%-plus) for a deal to occur at or above an acquisition price of $108/share (vs. a current offer of $135/share),” he wrote.
When talk of the deal first began, Tiffany confirmed it had received a bid for $120 per share, which would have valued the company at $14.5 billion.
Tiffany reportedly requested that LVMH up its bid to $130 per share. The final deal was for $135 per share, or $16.2 billion, one of the largest transactions in LVMH’s history.
A price reduction could salvage the deal, said Guggenheim analyst Robert Drbul.
“Considering the deal was initially negotiated in November 2019 (pre-pandemic), the deal could still be finalized, albeit at a lower price,” he wrote. “We continue to believe LVMH is the optimal buyer for Tiffany & Co., and Tiffany is a logical fit within LVMH’s portfolio of brands.”
LVMH said at the time that the addition of Tiffany could strengthen its position in the jewelry market and bolster its presence in the United States.
The acquisition would also give LVMH access to Tiffany’s vertical integration capabilities.
Tiffany established Laurelton Diamonds, a wholly owned manufacturing subsidiary, in 2002. It is a
De Beers sightholder and has also inked long-term rough supply agreements with Alrosa and Dominion Diamond.
The specialty jeweler also holds a stake in a diamond mine in South Africa owned by Canadian mining company Diamcor.
Analyst Patel also took a look back to November 2019, when LVMH first announced its acquisition plans.
In the first half of 2019, Tiffany’s business had slowed and its comps in the Americas were on the decline.
“At the time, Tiffany was known to be a self-help story that was investing in product innovation, marketing, digital and store renovation. In our view, the company remains a self-help story and is making progress on its growth initiatives despite the tough environment,” he wrote.
Looking at Tiffany as a whole, Needham lists an acceleration of same-stores sales in North America, higher-than-expected margins, and a successful introduction of new products as potential upside drivers.
Its risks include a weakening in the North American market, a greater-than-expected commodity inflation and a stronger U.S. dollar, which could hurt tourism.
Needham, Oppenheimer and Guggenheim all have a Hold rating on the jeweler.
More on Majors
The Latest
PodcastsMar 18, 2026
Episode 3: An Interview With Jewelry Designer Johnny NelsonFresh off winning the David Yurman Gem Awards Grant, Nelson discusses the ring that launched his career and his plans for the future.
SourcingMar 18, 2026
Lucara Recovers Nearly 37-Carat Blue DiamondThe “stunning” Type IIb stone was found via x-ray technology at its Karowe mine in Botswana.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
Events & AwardsMar 17, 2026
The Best Moments From the 2026 Gem Awards Held just before the Oscars, the jewelry industry’s big awards show had its share of standout jewelry, gowns, and acceptance speeches.
Weekly QuizMar 12, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingMar 17, 2026
Cruzeiro Mine Debuts ‘Winter Tourmaline’The Brazilian mine’s new collection features cabochons in soft, muted shades like silver and lilac.
TrendsMar 17, 2026
Natalie Portman Is Tiffany & Co.’s New AmbassadorThe Academy Award-winning actress stars in Tiffany & Co.’s latest commercial, which debuted Sunday night during the Oscars.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
EditorsMar 16, 2026
2026 Oscars Jewelry: One Necklace After AnotherNatalie Francisco rounds up the top Oscars jewels, including Rose Byrne’s Taffin necklace with a more than 20-carat yellow-brown diamond.
WatchesMar 16, 2026
TAG Heuer Has a New CEOBéatrice Goasglas has been with TAG Heuer since 2018. She is the first woman to head the 166-year-old, LVMH-owned watch brand.
IndependentsMar 16, 2026
Ben Bridge Debuts New Honolulu BoutiqueThe store features the first in-store build for the jeweler’s in-house “Bella Ponte” bridal brand.
AuctionsMar 16, 2026
Bonhams Paris To Offer Antique, Signed Jewels The live fine jewelry auction will take place later this week, showcasing antique pieces, rare gemstones, and signed jewels.
CollectionsMar 13, 2026
A Trio of Jewels from the 3 Gem Award Nominees for Jewelry DesignOur Pieces of the Week honor the 2026 nominees for the Gem Award for Jewelry Design, Silvia Furmanovich, Cece Fein-Hughes, and Catherine Sarr.
WatchesMar 13, 2026
Citizen, Vera Wang to Launch Watch CollectionThe 24-piece watch collection is set to debut in spring 2027.
SourcingMar 13, 2026
Andrea Pooler Joins Third-Generation Diamond Company as COO Pooler, who has more than 25 years’ experience in jewelry, is now chief operating officer of Modani Jewels, Soham Diamonds, and SNJ Creations.
MajorsMar 13, 2026
24 Karat Club of New York’s Banquet to Return to Waldorf AstoriaThe reopening of the Waldorf Astoria means a homecoming for the industry group’s annual event, which will take place Saturday.
CollectionsMar 12, 2026
Jessica McCormack Sends Gold, Gemstones Into ‘Orbit’McCormack looked to the 19th century’s “golden age” of astronomy when designing her new celestial-themed collection.
Events & AwardsMar 12, 2026
Johnny Nelson Wins David Yurman Gem Awards GrantNelson will be honored as the inaugural grant winner at the Gem Awards gala on Friday.
TechnologyMar 12, 2026
Caratwise Launches, Names Former Signet Exec CEO The new smart design software allows jewelers to configure, price, and confirm a custom engagement ring in real time for in-store customers.
SourcingMar 12, 2026
Grandview Klein Opens New Factory in South Africa The 10,000-square-foot diamond manufacturing facility officially opened in late February and employs 50 people.
Events & AwardsMar 12, 2026
MJSA ‘Future of Jewelry Making’ Scholarship Applications OpenThe MJSA Education Foundation’s scholarships support students pursuing jewelry careers.
AuctionsMar 11, 2026
‘Spectacular’ 26-Carat Diamond Going Up for Auction in London The largest white diamond to come to market in the U.K. in more than a decade, the VVS1, I-color stone is expected to top $1 million.
TechnologyMar 11, 2026
Cast Jewelry’s Rachel Skelly on Coming Back Online Only Skelly shares her plans for reimagining the fine jewelry retailer she re-acquired after it faltered last year.
CollectionsMar 11, 2026
Pyrrha Highlights ‘The Space Between’ In New CollectionThe collection takes inspiration from the emotional space between people, moments, and experiences.
IndependentsMar 11, 2026
From the Jazz Age to the Information Age: London Jewelers Turns 100In 2026, the jewelry retailer is celebrating a milestone only a small percentage of family-owned businesses survive to see.
IndependentsMar 11, 2026
Virginia Jewelers Raise Nearly $30K for Children’s HospitalThe group of jewelers held a jewelry raffle in support of the Children’s Hospital of Richmond at VCU.
FinancialsMar 10, 2026
Signet Jewelers’ Q4 Sales Fall Flat The jewelry giant released preliminary results for the fourth quarter and full year on Monday, with final results slated to come next week.
