NEW YORK, NY - JANUARY 12: A flag for a Tiffany & Co. store hangs along Wall Street in Manhattan on January 12, 2015 in New York City. Shares in the luxury jewelry chain fell on news of weaker than expected holiday sales. Sales in November and December dropped 1 percent to $1.02 billion worldwide. (Photo by Spencer Platt/Getty Images)

Tiffany & Co is now set to take LVMH to court on 5 January, 2021, after the presiding judge fast-tracked the impending lawsuit.

After a lengthy courting period and an agreement for French luxury fashion conglomerate LVMH Moët Hennessy Louis Vuitton to buy US jeweller Tiffany, the former missed its initial deadline of 24 August.

This triggered a clause in the agreement, extending the purchase deadline by three months, to 24 November.

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Not long after missing the first deadline, LVMH reportedly acquiesced to a request from the French government to not follow through on the deal on the grounds that completing the purchase would undermine a trade war with the US.

This led to Tiffany’s lawsuit, which has now been fast-tracked by judge Joseph Slights, presiding over the case which was filed in Delaware.

LVMH had been hoping to push back the court proceedings, which Tiffany argued would give the advantage to the French company.

Despite the setback, LVMH remained outwardly confident about the legal battle, revealing in a statement that it plans to “demonstrate to the American justice system that the mismanagement of Tiffany during the COVID-19 crisis constitutes a material adverse effect”.

Read more about Tiffany’s decision to sue below:

Tiffany & Co takes legal action as LVMH backs out of £12bn acquisition