Tiffany Dives After Report That Deal With LVMH Is Uncertain

LVMH board met Tuesday to discuss the proposed deal, WWD said
Covid-19, protests put luxury industry’s biggest deal in doubt

Police stand guard at the Tiffany and Co. store in downtown Walnut Creek, Calif., on June 1.Photographer: Jose Carlos Fajardo/Digital First Media/The Mercury News via Getty Images

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By Jonathan Roeder and Kim Bhasin

June 2, 2020 at 7:42 PM UTC

Updated on

June 3, 2020 at 8:24 AM UTC

This article is for subscribers only.

Tiffany & Co. plunged after Women’s Wear Daily reported LVMH’s $16 billion deal to buy the jeweler is uncertain as the U.S. economy faces widespread upheaval.

Board members of the French luxury giant arranged to meet Tuesday to discuss the planned acquisition, WWD reported, citing unidentified individuals. Directors are concerned about the Covid-19 pandemic that has disrupted the U.S. economy and growing unrest over police violence, the fashion publication said. They also expressed worries over Tiffany’s ability to cover its debt covenants at the end of the transaction.