LVMH CEO Bernard Arnault is exploring ways to reopen negotiations on the French luxury goods giant's $16.2 billion acquisition of U.S. jewelry chain Tiffany & Co , as U.S. social unrest and the coronavirus pandemic weigh on the retail sector, people familiar with the matter said on Wednesday.
), as U.S. social unrest and the coronavirus pandemic weigh on the retail sector, people familiar with the matter said on Wednesday.
LVMH agreed to acquire Tiffany in November, but the deal has yet to close pending regulatory approvals. Arnault said at the time Tiffany would “thrive for centuries to come” under LVMH. LVMH has not yet settled on a strategy to pursue a deal price cut and has not asked Tiffany to reopen negotiations, according to the sources. It is not clear whether it will do so, and what arguments it could pursue.
The sources asked not to be identified because the deliberations, first reported on Tuesday by fashion trade publication WWD, are confidential.While Arnault now has concerns about overpaying for Tiffany, he still believes in the deal’s strategic rationale, according to the sources. Tiffany will give LVMH a bigger share of the lucrative U.S. market and expand its offerings in jewelry, the fastest-growing sector in the luxury goods industry.
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