Luxury’s biggest deal ever is suddenly looking a lot less certain.
Luxury’s biggest deal ever — LVMH’s $16.2-billion offer for Tiffany & Co. — is suddenly looking a lot less certain, WWD has learned.
The outpouring of anger over racial injustice in America has prompted widespread demonstrations and also looting and property destruction in many cities, scuttling attempts to get the economy moving again. Shares of Tiffany, which closed up 0.2 percent to $128.36 each on Monday, are up more than 42 percent year-over-year, held aloft partly by the prospect of the takeover by LVMH, the largest player in the luxury sector with a proven track record of building brands and business over time with properties such as Dior, Bulgari, Fendi and Louis Vuitton.
The Tiffany deal, secured before the world was upended by COVID-19, was seen as giving LVMH a tighter grip on the lucrative high-end jewelry segment. The deal was heralded as something of master stroke by Arnault, who could use the might of LVMH to both seal the deal and supercharge the jeweler’s business, but to also gain a much larger U.S. presence.
The negotiations began over a lunch in October, when Antonio Belloni, group managing director of LVMH, broached the idea of a $14.5 billion offer to Tiffany ceo Alessandro Bogliolo.
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Tiffany Stock Plunges 9% After Report That LVMH Deal Could Fall ThroughTrading was briefly halted as the jeweler's stock fell.
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LVMH's $16.2 billion deal to acquire Tiffany is looking uncertain: WWD report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
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LVMH's Arnault mulls ways to renegotiate deal with Tiffany: sourcesLVMH 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.
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Tiffany Stock Plunges 9% After Report That LVMH Deal Could Fall ThroughTrading was briefly halted as the jeweler's stock fell.
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