LVMH Press Release
Paris, September 9th, 2020
After a succession of events which undermine the
acquisition of Tiffany & Co, the Board of LVMH met to review
the situation relating to the contemplated investment in light of
these recent developments.
The Board learned of a letter from the French
European and Foreign Affairs Minister which, in reaction to the
threat of taxes on French products by the US, directed the Group to
differ the acquisition of Tiffany until after January 6th, 2021.
Furthermore, the Board noted Tiffany & Co.’s requested to
extend the “Outside Date” in the Merger Agreement from November
24th to December 31st, 2020.
As a results of these elements, and knowledge of
the first legal analysis led by the advisors and the LVMH teams,
the Board decided to comply with the Merger Agreement signed in
November 2019 which provides, in any event for a closing deadline
no later than November 24th, 2020 and officially records that, as
it stands, the Group LVMH will therefore not be able to complete
the acquisition of Tiffany & Co.
LVMH
LVMH Moët Hennessy Louis Vuitton is represented
in Wines and Spirits by a portfolio of brands that includes Moët
& Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug,
Ruinart, Mercier, Château d’Yquem, Domaine du Clos des Lambrays,
Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie,
Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon,
Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle,
Newton, Bodega Numanthia, Ao Yun, Château d'Esclans and Château du
Galoupet. Its Fashion and Leather Goods division includes Louis
Vuitton, Christian Dior Couture, Celine, Loewe, Kenzo, Givenchy,
Pink Shirtmaker, Fendi, Emilio Pucci, Marc Jacobs, Berluti,
Nicholas Kirkwood, Loro Piana, RIMOWA, Patou and Fenty. LVMH is
present in the Perfumes and Cosmetics sector with Parfums Christian
Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes Loewe,
Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh, Fenty
Beauty by Rihanna and Maison Francis Kurkdjian. LVMH's Watches and
Jewelry division comprises Bvlgari, TAG Heuer, Chaumet, Dior
Watches, Zenith, Fred and Hublot. LVMH is also active in selective
retailing as well as in other activities through DFS, Sephora, Le
Bon Marché, La Samaritaine, Groupe Les Echos, Cova, Le Jardin
d’Acclimatation, Royal Van Lent, Belmond and Cheval Blanc
hotels.
LVMH CONTACTS
Analysts and investors Chris
Hollis LVMH + 33 1 44 13 21 22 |
Media Jean-Charles
Tréhan LVMH + 33 1 44 13 26 20 |
MEDIA CONTACTS |
|
France Brune Diricq / Charlotte
Mariné Publicis Consultants + 33 1 44 82 47 20 |
France Michel Calzaroni / Olivier
Labesse / Hugues Schmitt / Thomas Roborel de Climens DGM
Conseil + 33 1 40 70 11 89 |
Italy Michele Calcaterra, Matteo
Steinbach SEC and Partners + 39 02 6249991 |
UKHugh Morrison, Charlotte McMullen Montfort
Communications + 44 7921 881 800 |
US James Fingeroth, Molly Morse, Anntal
Silver Kekst & Company + 1 212 521 4800 |
China Daniel
Jeffreys Deluxewords +44 772 212 6562 +86
21 80 36 04 48 |
- LVMH Press Release 9 September 2020
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