LVMH’s board called a meeting in Paris on Tuesday night to discuss the matter, WWD reported, citing sources.LVMH’s board is concerned about the COVID-19 pandemic and protests linked to the death of George Floyd at the hands of Minneapolis police, according to the report.
The French company’s board also voiced concerns about Tiffany’s ability to cover all its debt covenants at the end of the transaction, which was expected to be concluded mid-year, WWD reported.Louis Vuitton owner LVMH agreed in November to buy Tiffany for $16.2 billion in its biggest acquisition yet.
That said, New York-based Tiffany, founded in 1837 and known for its signature robin’s egg blue boxes, was already in turnaround mode as it tries to rejuvenate its image and attract shoppers online. It will have further challenges to overcome as spending patterns shift and international tourism continues to nosedive due to trade tensions between Beijing and Washington and the novel coronavirus outbreak, which forced nonessential retailers to shutter stores globally.
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globebusiness Why don't they try one more Breakfast at Tiffany's.
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