President Donald Trump's inauguration put $1 trillion worth of tech money on prominent display, but the presence of one billionaire and his children raised more eyebrows than Lauren Sanchez's lace bra. I hid.
Bernard Arnault, CEO of LVMH, is the richest person in France and the fifth richest person in the world, but his son Alexandre (deputy CEO of Moët Hennessy) and daughter Delphine (CEO of Dior) took to the podium. The French luxury goods mogul and the Trump family spoke to NYNext.
Sources said Bernard's main motive was to show support for Donald Trump, and that LVMH owns luxury brands such as fashion houses Louis Vuitton, Givenchy, Dior, Fendi and Celine, as well as champagne maker Moët. -This is because they want to avoid tariffs on luxury brands such as Clicquot and Veuve Clicquot. Jewelry stores such as Hublot and Tiffany.
Representatives for the family declined to comment.
This comes as LVMH's sales slumped for the first time since 2020, mainly due to lower demand in China. As Chinese consumers leave, the US becomes an even more important market.
A source said, “He is someone that President Trump truly respects and wants to make sure he is happy.''
For Trump, LVMH is an impressive family brand, similar to Trump's own family brand, and represents the potential for continued investment in the United States. In 2019, President Trump and his daughter Ivanka visited the Arnault family's 100,000-square-foot tannery in Texas.
The Trump-Bernard relationship is under the microscope given its importance in global trade, but I In fact, we hear that it is President Trump's son-in-law, Jared Kushner, who has a long-standing friendship with the Arnault family and was instrumental in bringing the family together.
Sources say Jared Kushner's friendship with Alexandre and TAG Heuer CEO Frederic predates his marriage to Ivanka.
Mr. Bernard and Mr. Alexandre met with Mr. Donald Trump at Trump Tower during the early stages of his inauguration as the first president in 2017, but from 2021 until last year Mr. Alexandre was running Tiffany & Co. from Manhattan. The bond became even stronger. He spent time with Jared and Ivanka, and was involved in moving the Louis Vuitton store to the Trump Organization building at 6 East 57th Street after Nike vacated the space, the report said. the source added.
In February 2023, just months after Trump announced he would seek re-election, Alexandre visited the former president at Mar-a-Lago. “He is a young man on the move, the son of one of Europe's great businessmen and leaders,” Trump later posted on Truth Social.
According to reports, Alexandre attended a Trump rally at Madison Square Garden in October.
Trump's decision to appoint Jared's father, Charles Kushner, as U.S. ambassador to France was a strategic move to strengthen ties with the Arnault family, the people added.
Meanwhile, Delphine has bought shares in Thrive Capital, the venture capital fund of Jared's brother Josh Kushner, suggesting that his family may also have intertwined business interests. .
Bernard's five children – Delphine, 49 years old; Antoine, 47 years old. Alexandre, 32 years old. Frederick, 30 years old. and Jean, 26, each hold the highest positions in the LVMH empire, and there are rumors of a “succession battle” for the company's top position.
Arnault's hug with Trump may endear him to Anna Wintour and Vogue's First Family, who have refused to include First Lady Melania Trump on the cover.
The Trump women's fashion choices during the inauguration event seemed to emphasize this relationship.
First Lady Melania Trump wore Dior to several important events, including a fireworks display over the weekend and a wreath-laying ceremony at Arlington National Cemetery. Meanwhile, Ivanka chose Dior for her swearing-in ceremony and Givenchy for the Commander in Chief Ball.
This article is part of a new editorial series called NYNext, which focuses on innovation across various industries in New York City and the people leading the way.
