QDA would open its first store in Beijing, as a co-investment of LVMH's private equity LCapitalAsia and the Chinese apparel company Xin Hee Co., Ltd. In February 2014, LVMH entered into a joint venture with the Italian fashion brand Marco De Vincenzo, taking a minority 45% stake in the firm. In April 2017, LVMH announced it would gain ownership of Christian Dior haute couture, leather, men's and women's ready-to-wear, and footwear lines, to integrate the entire Christian Dior brand within its luxury group. In January 2018, LVMH announced record sales of 42.6 billion euros in 2017, up 13% over the previous year, as all divisions turned in strong performances. In the same year, the net profit increased by 29%. On 1 November 2018, co-founder Alain Chevalier died at age 87. On 12 May 2019 the fashion house Fenty, styled as FEИTY, created by singer Rihanna was launched by LVMH in Paris. It is the first new fashion house by LVMH in 32 years and she is the first woman of colour to head a brand under LVMH. On 15 July 2019, LVMH announced a new partnership to further develop the Stella McCartney House. On 29 November 2019, LVMH announced its 55% stake in Château d’Esclans, the producer best known for the brand Whispering Angel. The acquisition was part of LVMH's move to offer a beloved high-end rosé portfolio, in addition to reaching customers worldwide. In November 2019, LVMH expressed plans to acquire Tiffany & Co. for approximately US $16.2 billion. The deal was expected to close by June 2020. LVMH issued a statement in September 2020 indicating that the takeover would not proceed, and that the deal was "invalid" because of Tiffany's handling of the business during the COVID-19 pandemic. Subsequently, Tiffany filed suit against LVMH, asking the court to compel the purchase or to assess damages against the defendant; LVMH planned to counter sue, alleging that mismanagement had invalidated the purchase agreement. In mid-September 2020, a reliable source told Forbes that the reason for Arnault's decision to cancel the Tiffany purchase was purely financial: because Tiffany was paying millions in dividends to shareholders despite a financial loss of US$32 million during the pandemic. Some US$70 million had already been paid out by Tiffany, with an additional US$70 million scheduled to be paid in November 2020. LVMH filed a counterclaim against the court action commenced by Tiffany; a statement issued