Skip to main content
Back to Insights

Case

LVMH Moet Hennessy-Louis Vuitton SE Acquisition of Tiffany & Co.

For the proposed acquisition of global luxury jeweler Tiffany & Co. by LVMH Moët Hennessy Louis Vuitton SE (LVMH), an Analysis Group team led provided economic analysis in support of securing merger approval from competition authorities across nine countries and the European Union. The team, including Managing Principal Richard Starfield, Vice President Joshua White, and Manager Lucien Frys, assessed relevant product and geographic markets and evaluated the likelihood of unilateral and coordinated effects. The merger was cleared without remedies globally.

Meet Our People

Lucien Frys

Lucien Frys

Manager

Dr. Frys specializes in the application of market design, microeconomic, and statistical principles to antitrust disputes, litigation, and arbitration. He has analyzed economic and statistical issues and helped draft reports in cases involving vertical and horizontal mergers, cartels, abuse of dominance, and retail price maintenance. Dr. Frys’s experience spans industries such as retail, agriculture, food processing, payment systems, waste and water management, energy, luxury goods, and technology. He has supported experts before multiple authorities and courts, including the French Competition Authority (FCA), the European Commission Directorate-General for Competition (DG COMP), the Tribunal of Commerce of Paris, the International Chamber of Commerce (ICC) International Court of Arbitration, and the Düsseldorf court of appeal. Prior to joining Analysis Group, Dr. Frys assisted the French government in developing an algorithm to assign French first-year students to universities.

View Bio
Joshua White

Joshua White

Vice President

Mr. White is a consulting economist who specializes in applying microeconomics and sophisticated econometric modeling to complex litigation and merger-related questions, primarily in matters involving the health care, financial services, and technology industries. His work across a diverse set of engagements has encompassed simulating consumer demand and switching behavior, analyzing whether intellectual property (IP) licensing rates are FRAND-compliant, and estimating ex ante default probabilities for structured investment vehicles. He also has substantial experience developing innovative technological tools for analyzing datasets for merger and competition analyses.

Mr. White has supported both economic and scientific experts addressing competition and intellectual property (IP) issues in matters related to cutting-edge pharmaceutical products. He has supported clients in various jurisdictions and industries in follow-on cartel damages litigation, assessing overcharge, upstream and downstream pass-on, and volume effects.

Mr. White has worked in a number of international jurisdictions and has served as a testifying expert in the UK’s Upper Tribunal (Lands Chamber) on competition matters related to restrictive land covenants. He has also given evidence and submissions to the UK’s Competition and Markets Authority (CMA) on behalf of clients involved in market investigations and mergers. Mr. White has supported several clients before the European Commission on cartel and merger matters and has provided support to European financial and competition regulators in coordinated conduct investigations. Mr. White has published a number of articles and regularly speaks at international competition law and policy conferences.

View Bio
View All Competition Consultants