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LVMH’s acquisition of Tiffany hit the rocks in September when it pointed to an intervention by the French government and the Tiffany's weakening performance as reasons it could no longer complete the purchase.
LVMH says a succession of events undermine the acquisition, but Tiffany says the fundamental strength of its business is unchanged.
Watches and Jewelry division of LVMH saw sales fall by 39% in the first half of 2020, significantly under performing the wider group.
Stéphane Bianchi will become CEO of a newly expanded Watches and Jewelry division that will oversee Chaumet and FRED jewellery in addition to TAG Heuer, Hublot and Zenith.
LVMH’s takeover of Tiffany & Co is being reconsidered amid the global pandemic and the impact it has had on the consumer landscape in the US.
TAG Heuer, Bulgari, Hublot and Zenith says they cannot preserve their brand image at a Baselworld shorn of its biggest brands.
Share prices for the major luxury conglomerates have risen sharply this week as hopes rise that the spread of Covid-19 Coronavirus is being contained.
Three months to the end of March already saw impact from Covid-19 pandemic and its future affect cannot be calculated.
Perfume maisons will be put to work producing antiseptic gels for public hospitals in France.
46mm watch is described as a futuristic addition to the Tambour family, and certainly makes a statement with its open-worked watch face designed around a tourbillon at 9 o'clock and a dominant LV logo centered on the dial.