Louis Vuitton owner LVMH is scrapping its $16.2 billion acquisition of Tiffany, a deal that would have been the biggest ever in the luxury industry.

 

路易威登品牌母公司、法国奢侈品巨头酩悦·轩尼诗-路易·威登（LVMH）宣布终止以162亿美元的价格收购美国珠宝连锁店蒂凡尼的交易，奢侈品行业历史上最大收购案告吹。

 

The luxury-goods giant said Wednesday the merger agreement signed last November provides for a closing deadline of no later than Nov 24, 2020.

 

But Tiffany had requested extending the date to Dec 31, and the French minister of foreign affairs had directed the company to defer the deal until after Jan 6 due to a US threat of taxes on French goods.

 

The company said in a statement that it will not be able to complete the acquisition of Tiffany "as it stands."

 

The coronavirus pandemic has hit the luxury retail sector hard, sending Tiffany's same-store sales down 44% and throwing the LVMH deal into doubt.

 

Investors worried whether the French company overpaid, and LVMH CEO Bernard Arnault was looking to lower the price of buying the US jewelry chain, according to people familiar with the matter.