From the hoopla it looked like a movie premiere, but the star was a bag.

Tiffany & Co. unveiled a new, historic campaign featuring Houston’s own Beyoncé and husband Jay-Z appearing alongside a never-before-seen painting by Jean-Michel Basquiat.

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.

LVMH is ending its monthslong pursuit of luxury jewelry retailer Tiffany & Co., citing in part the impact of proposed tariffs on French goods. (AP Photo/Michel Euler, File)Luxury goods giant LVMH is ending its takeover deal of jewelry retailer Tiffany & Co., saying the French government had requested a delay to assess the threat of proposed U.S. tariffs. The French government, it said, wanted to assess the impact of the possible U.S. tariffs on French goods. As a result, LVMH said, the $14.5 billion deal which would have been biggest ever in the luxury market and was scheduled to close Nov. 24 will be canceled. Bain expects that personal luxury sales won't recover to pre-COVID levels until 2022 and 2023.

LVMH is ending its monthslong pursuit of luxury jewelry retailer Tiffany & Co., citing in part the impact of proposed tariffs on French goods. The Paris-based conglomerate said that it needs more time to assess the impact of U.S. tariffs on French goods and cannot close the deal before year-end. (AP Photo/Michel Euler, File)Luxury goods giant LVMH is ending its takeover deal of luxury jewellery retailer Tiffany & Co., citing in part the threat of proposed U.S. tariffs on French goods. The Paris-based conglomerate said that it needs more time to assess the impact of the possible U.S. tariffs on French goods and cannot close the deal before year-end. Tiffany also said that LVMH hasnt even attempted to seek antitrust approval from three jurisdictions.