Deals
Tiffany Escalates War of Words in Push to Uphold LVMH Deal
- French luxury giant says Covid devastated Tiffany’s business
- Jeweler says LVMH’s claims are misleading and baseless
Tiffany & Co. launched a new verbal broadside against LVMH, saying the French luxury giant’s justification for backing away from a $16 billion acquisition of the jeweler is baseless and misleading.
The riposte came after LVMH countersued Tiffany on Monday, weeks after moving to end its purchase of the iconic New York-based brand. The owner of Louis Vuitton said the decision was driven by the French government’s request to delay the deal’s closing and Tiffany’s mismanagement during the pandemic -- a claim the jeweler dismissed as nonsense.