French luxury conglomerate LVMH is pulling out of its planned takeover of luxury American jewellery retailer Tiffany & Co, amid a dispute over proposed US tariffs on French goods.
Tiffancy & Co has now sued the luxury giant over its 'breach of obligations'. LVMH cited the Covid-19 outbreak as well as intervention by the French government for dropping the $16.2 billion deal to buy Tiffany.
Tiffany is forcing LVMH to complete its deal as promised last year, but the luxury giant has not responded as of now.