With rumors mounting that Bernard Arnault may be attempting to renegotiate a lower deal price for LVMH’s acquisition of Tiffany, the luxury group said Thursday it will not buy any shares in the jeweler on the market.
The LVMH CEO is exploring ways to reopen negotiations on the French luxury goods giant's $16.2 billion acquisition of Tiffany & Co, as U.S. social unrest and the coronavirus pandemic weigh on the retail sector.
Bernard Arnault, Europe’s richest man, has acquired a one-quarter stake in Arnaud Lagardère’s holding company, in a move that will be seen as an attempt to support the family of his fellow French billionaire.
CEO Pascale Lepoivre and Creative Director Jonathan Anderson have announced in a press release that Loewe is collaborating with Spanish children charity Plataforma de Infancia, and will donate face protection masks.
LVMH on Thursday posted a 17% drop in comparable sales in the first quarter due to the coronavirus pandemic, as government-imposed lockdowns forced it to close stores and production sites in key markets.
LVMH is converting five of its Louis Vuitton workshops to make masks for frontline health workers, the luxury brand said Wednesday, in addition to the masks already being fabricated at the group's Dior workshops.
CEOs and designers in Paris fashion are praising Emmanuel Macron for taking decisive action this week in the struggle to control corona virus, even as the industry braces for a disastrous second quarter.