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Report: LVMH Delays $16.2 Billion Tiffany Buy

The deal, which was supposed to be concluded on August 24, has now been pushed to November 24
tiffany flagship jewelry store in Shanghai
Credit: Tiffany & Co.

LVMH, owner of global luxury brands including Louis Vuitton, Christian Dior, Sephora and Fendi, has delayed the $16.2 billion acquisition of Tiffany. 

 

Tiffany & Co. jewelry
Credit: Iris Hortman

 

According to IDEX Online, the deal, which was supposed to be concluded on August 24, has now been pushed to November 24 since LVMH is now seeking a price reduction. Reportedly, LVMH chief executive Bernard Arnault has “sought ways to lower Tiffany’s cash price of $135-a-share”.

 

Tiffany & Co. Building on Wall Street
Credit: littleny

 

In a recent interview, LVMH said it still plans to honor the $16.2 billion acquisition of Tiffany. LVMH’s chief financial officer Jean-Jacques Guiony said: “Tiffany’s results are clearly affected by the crisis. That said, we have signed a contract and we will respect it”.



Tags: Diamonds News, Jewelry News, Tiffany's News

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