LVMH returned to Tiffany in a surprise move

The French luxury group Louis Vuitton Moët Hennessy (LVMH) has asked the European Commission for authorization to take over the American jewelry chain Tiffany. That step is striking, because recently LVMH announced that it would cancel the purchase worth $ 16 billion.

LVHM States in a statement ‘Always promised’ that it would seek approval from the Brussels Competition Authority. The announcement follows a lawsuit that Tiffany filed against his intended new owner, forcing LVMH to let the deal go through.

Tiffany is pleased to hear LVMH’s move. According to the jewellery company, this only proves that the French group delayed the acquisition process in the previous months by dragging its feet in applying for authorisation from several competition authorities.

LVMH, the company behind brands such as Dior, Louis Vuitton and Sephora, announced its intention to take over Tiffany in november last year. That’s the way the French hoped to expand on the American market. At the beginning of this month LVMH announced its withdrawal from the agreement. In doing so, the company pointed to threatening import duties in the United States on French goods, which would make it difficult to meet the deadline.