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LVMH-Tiffany Trial Set for January
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A US court has approved Tiffany & Co.’s request to fast-track its lawsuit against LVMH, scheduling a four-day trial starting January 5, 2021.The timeline means a ruling would come after the final deadline for LVMH’s takeover...
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Retail
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Sep 22, 2020
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Rapaport News
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LVMH and Tiffany Lock Horns over Trial Timing
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LVMH has asked a court to delay Tiffany & Co.’s lawsuit against the luxury group, prompting the US jeweler to renew its allegations of foul play by its would-be acquirer. Tiffany had petitioned the Delaware Chancery...
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Retail
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Sep 17, 2020
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Rapaport News
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Tiffany Messed Up During Covid-19, LVMH Says
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LVMH plans to countersue Tiffany & Co. after the companies’ $16 billion marriage turned sour, accusing the US jeweler of management errors during the coronavirus.“[Tiffany’s] first-half results and its perspectives for 2020 are...
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Retail
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Sep 10, 2020
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Rapaport News
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LVMH Scraps Tiffany Deal; Tiffany Sues
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LVMH has abandoned its acquisition of Tiffany & Co., citing a trade dispute between the US and France and a disagreement over the timing of the deal.Tiffany has sued LVMH in response, claiming that the luxury...
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Retail
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Sep 09, 2020
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Rapaport News
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LVMH Revenue Dives as Tourism Dries Up
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LVMH, which owns Bulgari and Chaumet, saw sales of watches and jewelry slump in the first half of 2020 as the coronavirus reduced tourist spending and affected demand from wholesale customers.The category endured the...
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Retail
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Jul 28, 2020
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Rapaport News
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Baselworld Owner Creates New Trade Show
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Baselworld owner MCH Group has established Houruniverse, a new trade fair for the watch, jewelry and gemstone industries that will run virtually throughout the year and feature an annual live event.Buyers and...
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Polished Markets
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Jul 27, 2020
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Rapaport News
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LVMH Watch Chief Takes On Jewelry Portfolio
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LVMH has promoted Stéphane Bianchi to CEO of its watches and jewelry division, starting July 1. Since 2018, he has been CEO of watchmaking and of the French luxury group’s TAG Heuer timepiece brand.Bianchi will oversee...
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Retail
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Jun 08, 2020
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Rapaport News
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LVMH-Tiffany Deal Faces Uncertainty
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The LVMH board met on Tuesday to discuss its takeover of Tiffany & Co., fueling rumors that the $16.2 billion deal was less certain than before Covid-19.The panel of directors “focused its attention on the...
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Retail
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Jun 04, 2020
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Rapaport News
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LVMH Pulls Out of Baselworld
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LVMH has withdrawn its four watch and jewelry brands from the 2021 Baselworld show after several other industry heavyweights quit the event.Bulgari, TAG Heuer, Hublot and Zenith will instead take...
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Watches
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Apr 20, 2020
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Rapaport News
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Bulgari Endures First-Quarter Decline
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LVMH saw a slump in jewelry and watch sales in the first quarter as the COVID-19 pandemic led to the closure of most of its global stores.Revenue for the category fell 24% to EUR 792 million ($861.3 million)...
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Retail
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Apr 19, 2020
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Rapaport News
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Tiffany Gives $1M to Pandemic Relief Efforts
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Tiffany & Co. has donated $1 million to aid efforts to stem the spread of COVID-19, with a portion allocated toward providing essential medical supplies to New York.The jeweler will contribute $750,000 to the COVID-19 Solidarity Response...
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Retail
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Apr 07, 2020
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Rapaport News
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LVMH 1Q Revenue Could Fall up to 20%
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LVMH expects its revenue for the first quarter to drop as the coronavirus outbreak has led to the closure of many of its stores.“The measures taken by public authorities to combat the COVID-19 pandemic have resulted in the...
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Retail
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Mar 30, 2020
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Rapaport News
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Tiffany & Co. Revenue Flat at $4.4B in 2019
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Tiffany & Co. reported solid sales in fiscal 2019 as it introduced new products and sold higher-value jewelry.Group revenue was flat at $4.4 billion for the year ending January 31, matching the record annual...
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Retail
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Mar 22, 2020
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Rapaport News
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Bulgari Is Latest Brand to Exit Baselworld
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Italian luxury brand Bulgari has confirmed it will not be participating in the 2020 edition of Baselworld, a little over a week after Gucci announced it was exiting this year’s show.The reasons behind Bulgari’s departure were not...
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Retail
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Feb 13, 2020
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Rapaport News
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Jewelry and Watches Strong for LVMH in 2019
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Sales of jewelry and watches at LVMH increased 7% in 2019 amid a strong year for Bulgari.Revenue from the categories rose to EUR 4.41 billion ($4.85 billion), driven by Bulgari’s Fiorever collection, which contributed significantly to growth following...
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Retail
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Jan 29, 2020
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Rapaport News
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Louis Vuitton Buys 1,758ct. Diamond from Lucara
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Lucara Diamond Corp. has sold Botswana’s largest diamond to Louis Vuitton in a rare move that will see the fashion house partner with an Antwerp manufacturer to polish the stone.The mining company will receive an up-front...
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Rough Markets
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Jan 16, 2020
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Rapaport News
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Fourth Bonhams Jewelry Expert Joins Phillips
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Phillips has appointed Paul Redmayne head of private jewelry sales as part of its efforts to expand its jewelry department internationally, the auction house said Monday.Redmayne, who will be responsible for managing relationships with top...
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Polished Markets
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Jan 13, 2020
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Rapaport News
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Tiffany Holiday Revenue Rises as US Recovers
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Tiffany & Co. noted a “momentum shift” in the Americas during the holidays, as growth in the region contributed to an overall increase in sales for the season.Company-wide revenue climbed by 1% to 3% year on year for the period from November...
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Retail
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Dec 26, 2019
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Rapaport News
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Pomellato CEO to Lead Altagamma Jewelry Unit
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Italian luxury-goods industry group Altagamma has appointedPomellato CEO Sabina Belli as vice president of its jewelry division. Belli will take on the role in addition to her responsibilities at Pomellato. She has been with the Kering-owned...
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Retail
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Dec 18, 2019
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Rapaport News
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Ex-Bulgari Executive to Join Pandora
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Pandora has hired Carla Liuni as chief marketing officer as the jeweler continues it efforts to reignite consumer demand. Liuni was general manager of Procter & Gamble’s luxury personal-care division, Prestige, for 20 years. She joined...
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Retail
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Dec 18, 2019
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Rapaport News
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