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LVMH scraps $16 billion deal to buy Tiffany

Sep 10, 2020

Paris (France), September 10: French firm LVMH says it is scrapping plans to buy US jeweler Tiffany for $16 billion. The deal was set to be the biggest-ever in the global luxury industry.
LVMH said on Wednesday that France's government asked it to hold off on the deal after Washington threatened to slap taxes on French goods.
Headquartered in Paris, LVMH owns designer fashion brands such as Louis Vuitton and Bulgari.
It agreed to buy iconic jeweler Tiffany late last year to get a bigger foothold in the US. The deal was due to complete this November.
But coronavirus lockdowns hit demand for luxury goods, and, in June, LVMH said it was reviewing the deal.
A legal battle looks like the next step. Tiffany has already filed a lawsuit in the US to try to force the deal to go ahead.
Source: NHK World