Friction between LVMH and Tiffany emerged in March as the depth of the economic fallout from the pandemic became apparent. LVMH has lambasted the jewelry company’s response to Covid-19 and had pledged to file a lawsuit against it. Tiffany counters in its court filings that LVMH sought to leverage police-brutality protests in the U.S. and a declining luxury market during the pandemic to negotiate a lower deal price. As the deal unravels, LVMH has criticized Tiffany’s performance, saying its prospects were “very disappointing." The case is Tiffany & Co. v. LVMH Moet-Hennessy-Louis Vuitton SE, 2020-0768, Delaware Chancery Court (Dover).

Source: Mint September 17, 2020 01:30 UTC