I wrote previously on the mounting tension between Tiffany and LVMH, as LVMH publicly attempted to walk away from the deal struck in December 2019. The parties have now announced a revised price for the merger, with LVMH reaffirming its commitment to the Tiffany brand and therefore the growth of LVMH in the US and Asia.

For the legal geeks among us, we won't get to find out how the Delaware courts would have dealt with interpreting the MAC clause in the context of a pandemic. For the luxury geeks among us, we will look forward to seeing whether 2021 brings the fairytale of the merger to life. 

The only condition that remains is Tiffany shareholder approval, and so we do expect that the deal will complete in Q1 2021... though I expect analysts will be delighted to further report on the relative success or failure of one of the largest M&A spats (and reconciliations) of all time.