Lawstreet Journal

Tiffany Sues Louis Vuitton For Reneging On $16 Billion Deal

Lawstreet Journal 13 Sep 2020 7:57pm

Image courtesy: Lawstreet Journal Business Tiffany Sues Louis Vuitton For Reneging On $16 Billion Deal

The effect of the coronavirus pandemic can be observed everywhere. A major effect of the global pandemic can be witnessed on the commercial industry and the economy. Its negative effects have also reached the luxury industry. A slump that no one foresaw has been observed in the luxury industry. After growing rapidly for almost a decade, there have been reports of revenue falling by as much as 35 percent in the current financial year. Experts have also commented that it might take a total of 2-3 years for the luxury industry to regain its revenue. Consultancy Bain predicts that by 2022-23, the luxury industry can expect a revenue gain similar to the level observed in 2019.

On Wednesday, i.e. September 9th, 2020, Tiffany & Co., a high end American based jewellery company sued LVMH, a French luxury good giant. This was a result of LVMH not being able to fulfil a USD 16 Billion deal because of two major factors – The French Government and the Coronavirus Outbreak. Bernard Arnault, leader of the French luxury good firm disclosed that he faced immense pressure by the French Foreign ministry.

“LVMH said in a statement that it could not complete the deal with Tiffany “as it stands,” citing a request from the French government on Aug. 31 to delay the deal beyond Jan. 6 because of the threat of U.S. tariffs on French goods."

As their next step, Tiffany decided to file a lawsuit that force the detail to occur, It also made accusations stating… Continue Reading...

Tagged: Louis Vuitton   Tiffany  
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