Deals

LVMH to Sue Tiffany, Challenge Its Handling of Covid Crisis

Acrimony increases after LVMH seeks to back out of takeover
Luxury giant calls Tiffany’s performance ‘very disappointing’

The Tiffany & Co. luxury jewelry store on Champs Elysee in Paris, on Sept. 9.
Photographer: Cyril Marcilhacy/Bloomberg

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By Angelina Rascouet

September 10, 2020 at 11:27 AM UTC

Updated on

September 10, 2020 at 5:41 PM UTC

The acrimony between LVMH and Tiffany & Co. escalated a day after the French luxury giant moved to back out of its $16 billion purchase of the iconic jeweler.

The owner of Louis Vuitton said Thursday it plans to sue Tiffany to challenge its management during the pandemic crisis. On Wednesday, the jeweler had launched its own suit to force LVMH to stick to the terms of the deal.