British designer Kim Jones is stepping down from his role as artistic director of womenswear and couture at Fendi, parent group LVMH announced.

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NEW YORK – The largest deal in luxury is back on after New York's famed jeweler Tiffany agreed to a slightly reduced offering price from LVMH in Paris. LVMH will now pay $131.50 for each Tiffany share putting the total price tag at $15.8 billion, down from the $16.2 billion that was first offered earlier this year. Rumors that the two luxury companies had rekindled talks began to surface in recent days. “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany," LVMH CEO Bernard Arnault said in a prepared statement Thursday. LVMH, led by billionaire Arnault, a consumate dealmaker, believes Tiffany will strengthen its position in high-end jewelry and in the U.S. market.

The luxury goods giant is ending its takeover deal of luxury jewelry retailer Tiffany & Co., citing in part the threat of proposed U.S. tariffs on French goods. (AP Photo/Thibault Camus, File)PARIS It's an ugly spat for such a glamorous industry: French luxury powerhouse LVMH and U.S. jeweler Tiffany & Co. are blaming each other for the collapse of what would have been the sector's biggest-ever buyout deal. Tiffany sued to enforce the deal, and on Thursday LVMH lashed back. LVMH criticized Tiffany for issuing dividends even as it was losing money, and Tiffanys performance in the first half of this year was significantly worse than that of other LVMH brands during the period. LVMH, had thought the deal would strengthen its position in high-end jewelry and in the U.S. market.

FILE -- In this Jan. 17, 2020 file photo, designer Kim Jones accepts applause after the Dior Homme Mens Fall/Winter 2020-2021 fashion collection presented in Paris. Rome fashion house Fendi announced Wednesday, Sept. 9, 2020 that Kim Jones is taking over from the late Karl Lagerfeld as creative director of haute couture, ready-to-wear and fur collections. Jones will take on the Fendi duties while staying on as artistic director of Dior Homme. (AP Photo/Francois Mori)ROME Rome fashion house Fendi announced Wednesday that Kim Jones is taking over from the late Karl Lagerfeld as creative director of haute couture, ready-to-wear and fur collections. Jones will take on the Fendi duties while staying on as artistic director of Dior Homme, another house in the Paris-based luxury goods empire of LVMH chief Bernard Arnault.