LVMH Plans To Sue Tiffany Over Troubled Deal, Alleges Jeweler Mismanaged Coronavirus Crisis
Louis Vuitton owner LVMH said Thursday it intends to file a lawsuit against Tiffany, accusing the luxury jeweler of “dishonesty” and mismanaging the coronavirus crisis. The announcement comes a day after LVMH announced it would be scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry. Tiffany then sued LVMH in Delaware to enforce the agreement. LVMH said it was “surprised” by Tiffany’s “totally unfounded” lawsuit. “LVMH will defend itself vigorously,” the company said. “The long preparation of this assignment demonstrates the dishonesty of Tiffany in its relations with LVMH. This action is essentially based on the accusation by Tiffany that LVMH failed to take the reasonably necessary steps to obtain the various regulatory authorities’ approvals in a timely way.” Read more at CNBC.