Keyword: Louis Vuitton

Questions over curious intervention of French state as luxury firm LVMH breaks deal with Tiffany

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LVMH boss Bernard Arnault and Emmanuel Macron in June 2017. © Martin BUREAU / AFP LVMH boss Bernard Arnault and Emmanuel Macron in June 2017. © Martin BUREAU / AFP

France's foreign minister has written an extraordinary letter that provides 'cover' for the French luxury goods group LVMH to pull out of an expensive deal to buy famous American jewellery firm Tiffany it no longer wanted to complete. That letter came after LVMH chief executive Bernard Arnault reportedly asked foreign minister Jean-Yves Le Drian for help. The affair is now likely to lead to a long and bitter legal battle, one that could even end up with the French state facing claims for compensation from disgruntled shareholders. Mediapart's Martine Orange argues in this op-ed article that no French government has ever gone out on such a limb to support a private company.