LVMH aims to restore Tiffany's sparkle with $16.2 billion takeover
Monday, 25 November 2019 Louis Vuitton owner LVMH has agreed to buy Tiffany for $16.2 billion in its biggest acquisition yet as the French luxury goods maker bets it can restore the iconic U.S. jeweler's luster.
Japanese designer Kenzo Takada died in Paris on Sunday due to COVID-19-related complications. He was 81. Famous for his international luxury fashion house Kenzo, he inaugurated his flagship store in Paris' Place des Victoires in 1976. A native of Himeji, Japan, over the next thirty years, Takada launched a perfume empire, and, in 1993, sold his brand to luxury conglomerate LVMH. In 1999, he retired to pursue other creative pursuits. In January of 2020, he launched his K-3 brand.
France's LVMH faces an uphill battle in walking away from its $16 billion deal to buy U.S. jeweler Tiffany, with legal experts noting most mergers which end up in court are renegotiated rather than dissolved. Fred Katayama reports.
Luxury goods group LVMH said on Thursday it would counter-sue Tiffany, accusing it of mismanagement through the coronavirus crisis after the U.S. jeweler accused the French group of trying to bow out of a $16 billion acquisition deal. This report produced by Yahaira Jacquez.