Australian mining billionaire Andrew Forrest said his private company bought bootmaker R.M. Williams from French fashion giant LVMH, returning ownership of the famed fashion label to its home country after six years.
Recovering sales of Louis Vuitton handbags helped LVMH contain the fallout from the coronavirus crisis in the third quarter, as the world's biggest luxury goods group reported a smaller-than-expected drop in revenues.
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.
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.
As the Covid-19 pandemic continues to impact business, consumer spending and events within the fashion industry, LVMH has moved its annual shareholders' meeting, originally scheduled for April 16, to the end of June.