When LVMH inked a deal to buy Tiffany & Co for $16.2 billion back in October last year, it was touted as the biggest luxury deal ever. And it was, until earlier today when Business of Fashion reported that the trade wasn't going ahead after all. By the sounds of things, it's because of that eye-watering price tag.

LVMH cited a number of reasons behind the U-turn, primarily pointing fingers at "mounting trade tensions with the US." Apparently it received a request from France's Foreign Affairs Ministry to delay the acquisition from November 24 to January 6 because of a US threat to impose new tariffs on French and European products. It doesn't state how much those tariffs will be, but on a $16.2 billion purchase, it ain't gonna be cheap.

Tiffany is now reportedly suing LVMH in a Delaware court over the delays, claiming that the French luxury conglomerate is stalling the deal in a bid to renegotiate the price. While this has not been officially stated by Arnault, reports published back in June alleged that he harbored concerns that his company was "overpaying for Tiffany."

Of course, the world is a much different place now than it was when the deal between LVMH and Tiffany & Co was first signed back in 2019. With Covid-19 and Gender Reveal Parties savaging the globe as speak, it'll come as a surprise to literally no-one that brands are being particularly cautious with their wallets at the moment.