While a trillion dollars’ worth of tech money was on prominent display at Donald Trump’s inauguration, the presence of one billionaire and his children raised more eyebrows than Lauren Sanchez’s lace bra.
LVMH CEO Bernard Arnault — the wealthiest man in France and the fifth wealthiest in the world — was on the dais along with son Alexandre (deputy CEO of Moët Hennessy) and daughter Delphine (CEO of Dior), in what signals a growing relationship between the French luxury tycoon and the Trump family, sources told NYNext.
Bernard’s primary motivation, sources said, was to show support for Donald Trump as LVMH hopes to avoid tariffs on its luxury brands that include fashion houses Louis Vuitton, Givenchy, Dior, Fendi and Celine, as well as champagne labels Moët and Veuve Clicquot, and jewelers such as Hublot and Tiffany & Co.
A family representative declined to comment.
This comes as LVMH sales slump for the first time since 2020, with decreasing demand mainly in China. As Chinese consumers pull back, America becomes an even more important market.
“He’s someone Trump really looks up to and wants to make happy,” one source said.
For Trump, LVMH represents an impressive family-owned brand — which he sees as similar to his own family-owned brand — and the possibility of continued investment in the US. In 2019, Trump and daughter Ivanka visited the Arnaults’ 100,000-square-foot leather factory in Texas.
While Trump and Bernard’s relationship is under the microscope given its significance for global trade, I am told it’s actually Trump’s son-in-law Jared Kushner who has a long-standing friendship with the Arnaults and helped bring the families together.
Sources say Jared Kushner’s friendship with Alexandre and his brother Frédéric, CEO of TAG Heuer, predates his marriage to Ivanka.
While Bernard and Alexandre met with Donald Trump at Trump Tower during the early stages of his first presidency in 2017, Alexandre’s time running Tiffany’s out of Manhattan — from 2021 until last year — strengthened those ties. He would spend time with Jared and Ivanka, sources add, and also had a hand in moving a Louis Vuitton store to a Trump Organization building at 6 East 57th Street after Nike vacated the space.
In February 2023, just months after Trump announced his re-election bid, Alexandre visited the former 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 Truth Social.
In October, Alexandre attended Trump’s rally at Madison Square Garden, according to a report.
Trump’s decision to appoint Jared’s father, Charles Kushner, as the US Ambassador to France was a strategic move to strengthen ties with the Arnaults, sources added.
Delphine, meanwhile, bought a stake in Thrive Capital, the venture capital fund of Jared’s brother Josh Kushner, suggesting the families may also have intertwining business interests.
Bernard’s five children — Delphine, 49; Antoine, 47; Alexandre, 32; Frédéric, 30; and Jean, 26 — have each been given top jobs in the LVMH empire, sparking rumors of a “Succession” style race to the top of the company.
Arnault’s embrace of Trump could also ingratiate the first family with Anna Wintour and Vogue, which has refused to put First Lady Melania Trump on its cover.
The Trump women’s fashion choices during inauguration events seemed to underscore this relationship.
First Lady Melania Trump wore Dior for several key events, including the weekend’s firework display and the wreath-laying ceremony at Arlington National Cemetery. Ivanka, meanwhile, chose Dior for the swearing-in ceremony and Givenchy for the Commander-In-Chief ball.
This story is part of NYNext, a new editorial series that highlights New York City innovation across industries, as well as the personalities leading the way.
Credit: Source link
