Keyword: LVMH

The mystery of French foreign minister's letter behind sinking of LVMH-Tiffany deal

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French foreign minister Jean-Yves Le Drian speaking in parliament, September 22nd. © THOMAS COEX / AFP French foreign minister Jean-Yves Le Drian speaking in parliament, September 22nd. © THOMAS COEX / AFP

An opportune letter sent by French foreign affairs minister Jean-Yves Le Drian to LVMH luxury goods group boss Bernard Arnault gave the latter a justification for pulling out of a costly acquisition of US jewellers Tiffany that was agreed before the economic meltdown from the Covid-19 pandemic. According to LVMH, Le Drian, citing a looming tariffs dispute with the US, asked for the 16.6 billion-dollar deal to be halted. Curiously, the letter has never been made public. As Martine Orange reports, it is now at the heart of a legal battle between Tiffany and LVMH to be played out at a trial in the US in January, and threatens to become a major embarrassment for the French government.

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.

Revealed: the explosive phone taps involving France's ex-spy chief Bernard Squarcini

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The first part of the Mediapart series of recordings involving former French spy chief Bernard Squarcini. © Mediapart The first part of the Mediapart series of recordings involving former French spy chief Bernard Squarcini. © Mediapart

Mediapart is publishing a series of recordings of police phone taps involving the former head of France's domestic intelligence agency, Bernard Squarcini. These extraordinary tapes, which date from 2013, reveal the de facto existence of a state within a state, where private and public interests became intertwined. The first series of judicially-approved recordings reveal how after leaving his intelligence post Squarcini, nicknamed 'La Squale' ('The Shark'), was asked by the French luxury goods group LVMH to “infiltrate” an independent magazine in order to spy on it. Neither Squarcini nor LVMH wanted to comment on the content of the tapes. Fabrice Arfi and Pascale Pascariello report.

French fashion labels sign charter banning use of ultra-thin models

French companies LVMH and Kering, which own dozens of haute couture brands including Saint Laurent, Dior and Gucci, have signed a charter to ban overly thin models, both female and male, and those aged under-16, from their catwalks and advertising.

France's richest man pilloried in low-budget, smash-hit documentary

Runaway success Merci, Patron!  is about unemployed couple from northern France who lose their jobs when the company opens new factories in Poland.

France's richest man in talks to buy Paris newspaper

Bernard Arnault, boss of LVMH which owns brands such as Louis Vuitton, Fendi and Givenchy, hopes to acquire Le Parisien for €50m.

French historians battle to save face of La Samaritaine

Critics say that new glass facade planned as part of the redevelopment of this art deco and nouveau Paris landmark will look like a shower curtain.

LVMH chief in criminal probe over Belgium activities

Probe relating to France's richest man Bernard Arnault concerns a capital increase of 2.9 billion euros in LVMH's Belgian holding company.

Hermès and LVMH 'handbag war' escalates

The two high-profile luxury brands come before French stock-market regulator in dispute over Bernard Arnault's stake in Hermès.

France's richest man Bernard Arnault 'drops bid to become Belgian'

The head of luxury group LVMH said he always denied the move was for tax reasons but had abandoned plans to avoid 'any ambiguity'.

France's richest man's bid to be Belgian suffers setback

Belgian prosecutors have advised against giving citizenship to Bernard Arnault, chief executive of luxury group LVMH.

French tycoons clash over rich tax and rude headline

Baron Rothschild, owner of French daily Libération, defends crude headline attacking LVMH boss Bernard Arnault for seeking Belgian nationality.