Louis Vuitton Owner sues Tiffany over fumbling the pandemic response & deal

Tiffany & Co's market value is now much less than when the deal was signed

LVMH to Sue Tiffany for 'Mismanagement,' Dishonesty

The New York-based jeweler - which sued LVMH on Wednesday to prevent the French luxury conglomerate from backing out of the November 2019 deal - wants to force the French billionaire to testify on the stand whether he asked French officials for help to scuttle the merger, which has soured since the Covid-19 crisis tanked Tiffany's business.

French luxury giant LVMH said Thursday it would counter-sue USA jeweller Tiffany, accusing it of "dishonesty" as their plans for a sparkling tie-up descended into bitter recrimination.

Android 11 Go Edition released by Google
Another important and interesting feature in the Android 11 Go edition is the addition of a gesture-based navigation system. In Android 11, Google introduced a redesigned media player notification that resides underneath the Quick Settings panel.

Besides, as the shares' prices of Tiffany & Co. dipped as much as 6 per cent following the LVMH announcement, Tiffany Chair Roger Farah said in a statement, "We believe that LVMH will seek to use any available means in an attempt to avoid closing the transaction on the agreed terms". The group owns brands like Louis Vuitton and Christian Dior, as well as jewellery houses such as TAG Heuer and Bulgari. Shares are down about 14% year-to-date, bringing its market value to $13.8 billion.

Shares prices of the two companies were stable Thursday as Tiffany gave up just 0.1 per cent to US$113.91 in late NY trading while LVMH was essentially unchanged at 404.35 euros.

Three Bollywood personalities on NCB radar in Rhea drugs probe
The actress was grilled and arrested by Narcotics Control Bureau after WhatsApp chats revealed her involvement in the drug cartel. It has also been reported that Karamjit is the only person who used to supply drugs to Samuel Miranda and Showik Chakravarty.

On Thursday, LVMH called off the acquisition and Tiffany responded by saying it would take legal action to push the deal through.

"The long preparation of this assignment demonstrates the dishonesty of Tiffany in its relations with LVMH", the company said on Thursday. It said the jeweller's first half results and performance for 2020 "are very disappointing and significantly inferior to those of comparable brands of the LVMH Group during this period".

Oxford University resumes Covid-19 vaccine trial
The Russian shot is the world's first Covid-19 vaccine to be registered and distributed since the pandemic began. AstraZeneca said it couldn't disclose further information about the study subject's illness.

Led by chairman Bernard Arnault, France's wealthiest man, LVMH also defended itself against Tiffany's accusations that it used delaying tactics, notably with competition authorities in Europe, in seeking the deal's approval. The company said it expects European Union officials will approve the deal next month after LVMH files for approval, which it plans to do in "the following days".

Latest News