Louis Vuitton is a part of the LVMH Group of luxury brands. Global luxury group LVMH said Tuesday it had filed a countersuit against Tiffany in a bid to walk away from the US$16.2 billion takeover that would have been the biggest ever in the luxury industry, CNBC reports. Jewelry chain Tiffany immediately filed a lawsuit in Delaware to enforce the agreement, saying the request from the French government had no basis in law. In the suit on Monday, LVMH mentioned the coronavirus crisis, saying that a “material adverse effect” has now occurred. “For instance, Tiffany paid the highest possible dividends while the company was burning cash and reporting losses.

Source: The Standard September 29, 2020 07:18 UTC