LVMH Leaves Tiffany & Co. at the Altar in $16.2 Billion Deal Over U.S. Luxury Goods Customs
Tiffany & Co. filed suit in Delaware Chancery Court, asking them to enforce a deal with luxury brands company Moët Hennessy Louis Vuitton, commonly known as LVMH. LVMH broke off the $16.2 billion deal after the French foreign affairs minister sent a letter on 8/31, asking the brand to delay until after January when the U.S. implementation of additional customs duties on the import of French luxury goods goes into effect. Tiffany has stated that it believes LVMH is attempting to use the French government as cover to back out, a claim that is being lent some credit by a Bloomberg report that notes LVMH chairman Bernard Arnault "asked for help from the French government in an effort to pull out of [the deal]."