LVMH intends to file a lawsuit in Delaware against Tiffany as a result of its crisis mismanagement
10 Settembre 2020 - 1:09PM
LVMH intends to file a lawsuit in Delaware against Tiffany as a
result of its crisis mismanagement
Paris, September 10th, 2020
LVMH was surprised by the lawsuit filed by
Tiffany against the Group in the Court of Chancery of the State of
Delaware. LVMH considers that this action is totally unfounded. It
has clearly been prepared by Tiffany a long time ago and
communicated in a misleading way to shareholders and is defamatory.
LVMH will defend itself vigorously. The long preparation of this
assignment demonstrates the dishonesty of Tiffany in its relations
with LVMH. This action is essentially based on the accusation by
Tiffany that LVMH failed to take the reasonably necessary steps to
obtain the various regulatory authorities’ approvals in a timely
way. This accusation has no substance and LVMH will demonstrate
this to the Delaware Court. On this matter, the filing in Brussels
will take place, as expected, in the following days and this is
simply the result of the planning fixed by the European Commission,
about which Tiffany is completely aware. It is legitimate to expect
this authorization will be obtained in October.
The LVMH Board, besides the elements already
raised, had the opportunity to examine the current economic
situation of Tiffany and its management of the crisis. It noted
that the first half results and its perspectives for 2020 are very
disappointing, and significantly inferior to those of comparable
brands of the LVMH Group during this period.
LVMH will be therefore led to challenge the
handling of the crisis by Tiffany’s management and its Board of
Directors. LVMH considers, among other things, that this period is
impacted by a Material Adverse Effect, that Tiffany did not follow
an ordinary course of business, notably in distributing substantial
dividends when the company was loss making and that the operation
and organization of this company are not substantially intact.
LVMH therefore confirms that the necessary
conditions for the conclusion of the acquisition of Tiffany are not
fulfilled.
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 investorsChris HollisLVMH+ 33 1 44 13
21 22 |
MediaJean-Charles TréhanLVMH+ 33 1 44 13 26 20
Nik Deogun / Jonathan DoorleyBrunswick Group+1 212 333 3810
|
- LVMH_ Press Release_10 September 2020
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