Whereas a trillion {dollars}’ value of tech cash was on outstanding show at Donald Trump’s inauguration, the presence of 1 billionaire and his youngsters raised extra eyebrows than Lauren Sanchez’s lace bra.
LVMH CEO Bernard Arnault — the wealthiest man in France and the fifth wealthiest on this planet — was on the dais together with son Alexandre (deputy CEO of Moët Hennessy) and daughter Delphine (CEO of Dior), in what indicators a rising relationship between the French luxurious tycoon and the Trump household, sources advised NYNext.
Bernard’s major motivation, sources stated, was to indicate assist for Donald Trump as LVMH hopes to keep away from tariffs on its luxurious manufacturers that embrace vogue homes Louis Vuitton, Givenchy, Dior, Fendi and Celine, in addition to champagne labels Moët and Veuve Clicquot, and jewelers similar to Hublot and Tiffany & Co.
A household consultant declined to remark.
This comes as LVMH gross sales stoop for the primary time since 2020, with lowering demand primarily in China. As Chinese language shoppers pull again, America turns into an much more essential market.
“He’s someone Trump really looks up to and wants to make happy,” one supply stated.
For Trump, LVMH represents a formidable family-owned model — which he sees as much like his personal family-owned model — and the potential for continued funding within the US. In 2019, Trump and daughter Ivanka visited the Arnaults’ 100,000-square-foot leather-based manufacturing unit in Texas.
Whereas Trump and Bernard’s relationship is underneath the microscope given its significance for international commerce, I am advised it’s truly Trump’s son-in-law Jared Kushner who has a long-standing friendship with the Arnaults and helped convey the households collectively.
Sources say Jared Kushner’s friendship with Alexandre and his brother Frédéric, CEO of TAG Heuer, predates his marriage to Ivanka.
Whereas Bernard and Alexandre met with Donald Trump at Trump Tower through the early levels of his first presidency in 2017, Alexandre’s time operating Tiffany’s out of Manhattan — from 2021 till final yr — strengthened these ties. He would spend time with Jared and Ivanka, sources add, and in addition had a hand in transferring a Louis Vuitton retailer to a Trump Group constructing at 6 East 57th Road after Nike vacated the house.
In February 2023, simply months after Trump introduced his re-election bid, Alexandre visited the previous President at Mar-a-Lago. “He is a young man on the move, the son of one of the great businessmen and leaders in Europe,” Trump posted afterward on Reality Social.
In October, Alexandre attended Trump’s rally at Madison Sq. Backyard, in accordance with a report.
Trump’s choice to nominate Jared’s father, Charles Kushner, because the US Ambassador to France was a strategic transfer to strengthen ties with the Arnaults, sources added.
Delphine, in the meantime, purchased a stake in Thrive Capital, the enterprise capital fund of Jared’s brother Josh Kushner, suggesting the households can also have intertwining enterprise pursuits.
Bernard’s 5 youngsters — Delphine, 49; Antoine, 47; Alexandre, 32; Frédéric, 30; and Jean, 26 — have every been given high jobs within the LVMH empire, sparking rumors of a “Succession” type race to the highest of the corporate.
Arnault’s embrace of Trump might additionally ingratiate the primary household with Anna Wintour and Vogue, which has refused to place First Woman Melania Trump on its cowl.
The Trump girls’s vogue decisions throughout inauguration occasions appeared to underscore this relationship.
First Woman Melania Trump wore Dior for a number of key occasions, together with the weekend’s firework show and the wreath-laying ceremony at Arlington Nationwide Cemetery. Ivanka, in the meantime, selected Dior for the swearing-in ceremony and Givenchy for the Commander-In-Chief ball.
This story is a part of NYNext, a new editorial collection that highlights New York Metropolis innovation throughout industries, in addition to the personalities main the best way.
