By Daily Mail (U.S.) | Created at 2025-01-24 19:06:46 | Updated at 2025-01-25 00:38:52
5 hours ago
On Monday, LVMH billionaire Bernard Arnault and his heirs attended Donald Trump's inauguration in Washington, D.C., - but there was allegedly a very specific reason why he was there.
According to The New York Post, Arnault, whose company owns a multitude of luxury brands like Louis Vuitton, Givenchy, and Fendi, was there in an effort to support the new President in hopes to 'avoid tariffs on his luxury brands.'
Since taking office on Monday, Trump has warned global business leaders that they should start manufacturing their products in the United States, as it would let them to avoid import tariffs and have the benefit of paying low tax rates, according to Reuters.
The 78-year-old issued the caution on Thursday through a video conference at the World Economic Forum in Davos, Switzerland, explaining that there would be new U.S. tariffs of 'differing amounts' for all countries.
'My message to every business in the world is very simple: come make your product in America and we will give you among the lowest taxes of any nation on earth,' Trump said, per the outlet.
Arnault, who is the wealthiest man in France and fifth wealthiest in the world, attended Trump's inauguration with his son, Alexandre and daughter Delphine.
Alexandre is the deputy CEO of Moët Hennessy, while Delphin is the CEO of Dior - both of which are owned by LVMH.
'He's someone Trump really looks up to and wants to make happy,' one source told The New York Post of Arnault.
On Monday, LVMH billionaire Bernard Arnault and his heirs attended Donald Trump's inauguration in Washington, D.C. - but there was allegedly a very specific reason why he was there
According to The New York Post, Arnault, whose company owns a multitude of luxury brands like Louis Vuitton, Givenchy, and Fendi, was there in an effort to support the new President in in hopes to 'avoid tariffs on its luxury brands'
Arnault, who is the wealthiest man in France and fifth wealthiest in the world, attended Trump's inauguration with his son, Alexandre and daughter Delphine
DailyMail.com reached out to LVMH for comment.
He and his children were seated two rows behind former President Bill Clinton and his wife, Hillary Clinton.
In 2024, the LVMH giant saw their first quarterly sales drop since the 2020 Covid pandemic.
The sales at LVMH's fashion and leather goods division dropped by five percent in revenue.
A slowdown in China – the world's second largest economy and a crucial market for luxury goods – has hit demand for expensive handbags, watches and clothes.
When Trump was in office during his first term, he and his daughter, Ivanka, visited the Arnault's leather factory in Texas, which boasts over 100,000 square feet.
The factory, which is where they make some of their popular Louis Vuitton handbags, was newly opened and meant to employ 500 people.
According to The Post, Jared Kushner has a friendship with Alexandre and his brother Frédéric, both of whom he has known since before he even met Ivanka.
When Trump was in office during his first term, he and his daughter, Ivanka, visited the Arnault's leather factory in Texas, which boasts over 100,000 square feet
In 2024, the LVMH giant saw their first quarterly sales drop since the 2020 Covid pandemic
Since he announced his re-election campaign, Alexandre has even supported President Trump at various rallies and meetings.
The source also alleged to The Post that one of the reasons why Trump appointed Kushner as the Ambassador to France was to 'strengthen ties with the Arnaults.'
DailyMail.com previously reported that Arnault and his children have a 'Sucession style' relationship, making nod to the famous show about the fictional patriarch Logan Roy, who is trying to decide which one of his children will inherit his media company, Waystar Royco.
The family is said to have lunch together once per month, something that Arnault allegedly uses as an opportunity to ask each child for advice on his business.
Their answers over the grueling 90 minutes — where Arnault effectively auditions them to see who will take over the billion-dollar family business — will help decide who will replace him as the head of LVMH and its brands Louis Vuitton, Christian Dior and Tiffany & Co.
Arnault is not only father to Delphine, Antoine, but also Frédéric, 29, and Jean, 27.
