The coronavirus pandemic has slammed the global luxury goods market, and Tiffany on Tuesday reported that sales plunged for its fiscal first quarter. But the company said it had received some antitrust clearances needed to proceed with the deal, and CEO Alessandro Bogliolo said in the earnings release that "Tiffany's best days remain ahead of us and I am excited we will be taking that journey with LVMH by our side.
"Clients want to understand if they could use that as a lever to get out of a deal. While you may have had that conversation on certain transactions before, now you'll have it on every transaction," he said. Goldman Sachs research analysts wrote in a June 3 report that the year-to-date total of announced deal activity had tumbled 46% versus 2019, and that they expected full-year volumes to end up some 40% lower than the previous year.
Any lawsuit citing a MAC because of the pandemic will likely be on shaky ground, because the adverse change must be significant to the company's long-term earnings power; last for years, not months; and affect the company more than its peers. In recent months, wide swaths of industries, from retail to entertainment to travel, have been hit by stay-at-home orders and uncertainty stemming from the pandemic.
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