The parent company of CardLinx member 24S of the LVMH Group, the world’s largest luxury retailer, is ending its planned takeover of Tiffany & Company. The government of France requested the deal be delayed on Aug. 31 because of a threat of U.S. tariffs on French goods, as well as coronavirus concerns.
CardLinx Insight:
The souring of this deal is an example not just of trade tensions, but also of the significant impact of the pandemic on in-store luxury retailers. A big part of the value of Tiffany is its empire of posh retail stores in the world’s leading commercial centers. Many of those brick-and-mortar destinations are now shuttered and the Tiffany business model looks more like a liability than an asset. Since the deal was announced, LVMH has made a successful pivot to online shopping experiences with its well-known e-commerce brand 24S.
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