LVMH intends to file a lawsuit against Tiffany
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. 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. 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 therefore confirms that the necessary conditions for the conclusion of the acquisition of Tiffany are not fulfilled.