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by Tiffany; a statement issued by LVMH blamed Tiffany's mismanagement during the pandemic and claimed that it was "burning cash and reporting losses".[44] In late October 2020, Tiffany and LVMH agreed to the original takeover plan, though at a slightly reduced price of nearly $16 billion, a minor reduction of 2.6% from the aforementioned deal. The new deal reduced the amount paid per share by LVMH from the original price of $135 to $131.50.[45] LVMH completed the purchase of Tiffany in January 2021.[46]
Under Arnault's leadership, LVMH has grown to become the largest company by market capitalization in the eurozone,[47] with a record of 313 billion euros ($382 billion) as of May 2021.[48] Arnault has promoted decisions towards decentralizing the group's brands as a business strategy. As a result of these measures, brands under the LVMH umbrella such as Tiffany are still viewed as independent firms with their history.
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