Bernard Arnault Rejects Macron’s Call on U.S. Investments

PARIS — Billionaire Bernard Arnault has dismissed French President Emmanuel Macron‘s suggestion to halt investments in the United States. During a recent interview, Arnault, the CEO of luxury conglomerate LVMH, stated, “I think it’s very bad for the state to meddle in the management of private companies. It usually leads to disaster.”

This response came shortly after Macron remarked on the potential freeze of investments, coinciding with President Donald Trump‘s imposition of 20 percent tariffs on the European Union. Trump later paused these tariffs for 90 days to facilitate negotiations.

Arnault defended his company’s long-standing presence in the U.S., asserting that halting overseas expansion would be unwarranted, especially as it has become advantageous amid Trump’s tariffs. Since the 1980s, LVMH has operated in the U.S. and continues to see growth despite tariffs.

Despite any tension with Macron, Arnault has shown admiration for Trump. After attending Trump’s inauguration in January, he praised Trump’s economic policies and operations in the U.S., a sentiment not echoed by other French luxury brands.

Kering CEO François-Henry Pinault criticized U.S. investments, stating it “would make no sense to have Italian Gucci bags made in Texas,” referencing the LVMH factory established there during Trump’s presidency. Arnault countered by highlighting Kering’s declining sales in the U.S. compared to LVMH’s increasing profits.

As trade negotiations between Brussels and Trump’s administration continue, Arnault also voiced concerns about the European Commission’s handling of talks. He remarked, “I am not sure this negotiation is conducted as it should on the European side,” criticizing Brussels for threatening retaliatory tariffs.

He warned that tariffs could severely impact the cognac sector, crucial for LVMH’s Hennessy brand.