Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

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.

The luxury goods group headed by Bernard Arnault ends its 2024 financial year with sales of €84.7 billion, down 2% on 2023.

LVMH acquired Tiffany about four years ago for US$16 billion. The LVMH chairman said Tiffany has laid off some employees because they haven’t been willing to meet higher sales targets.

LVMH says 2025 is off to a good start as it reports an increase in sales in its most recent quarter. US President Donald Trump is offering buyout packages to almost all federal workers who do not

The LVMH Moët Hennessy Louis Vuitton titan had prime seating near former Presidents Bill Clinton, George Bush and Barack Obama.

Bernard Arnault said a wind of optimism is blowing through the US after Donald Trump’s inauguration as president, in contrast to his native France, where the government is seeking to raise corporate taxes and unemployment is increasing.