Arnault announced that world-famous jewelers Tiffany & Co will be laying off or “promoting outwards” underperforming workers.

Bernard Arnault lost a spot in the billionaire rankings after LVMH Moet Hennessy posted results that weren’t as strong as some luxury-goods rivals.

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Luxury goods giant LVMH is the pride of France, but the government nevertheless understands the anger expressed by LVMH boss Bernard Arnault regarding French taxes, said a government spokeswoman on Wednesday.

He’s someone Trump really looks up to and wants to make happy,” a source said of LVMH CEO Bernard Arnault, the wealthiest man in France.

With the economic outlook in France looking grim, Arnault said LVMH, which owns Louis Vuitton, Dior, Fendi and Moët & Chandon, is "seriously" considering opening more factories in the United States. Such a move would help the company to avoid the tariffs Trump has promised to enact on foreign goods sold in the United States.

There’s a different mood” between the two countries, said the French billionaire. Read more at straitstimes.com.

Bernard Arnault is outpacing Elon Musk and Mark Zuckerberg in wealth gain this year after signs of a rebound in luxury demand boosted LVMH stock.

For the year as a whole, France's economy kept the same pace as in 2023, growing at 1.1%. Alongside a second-straight year of contraction in beleaguered Germany, the eurozone's largest economy, France's weak rate of growth is weighing on the currency area, which is likely to face continued challenges at the start of 2025.

The business world has a history of coming up with polite terms to couch unpleasantness. In the past, when it comes to job cuts, CEOs have “let go,” “made

DFS Group, which saw business activity remain below its 2019 pre-Covid level, was hard hit in particular by exchange rate fluctuations, said LVMH. UPDATED.