By
Bloomberg
Revealed
January 31, 2025
LVMH has no plans to relocate the luxurious conglomerate, stated Bernard Arnault, its billionaire chief government officer, after remarks he made important of France drew a backlash at house.
“I’ve clearly by no means stated we’d relocate the LVMH group,” Arnault stated in a publish on the corporate’s X account Friday. When he voiced discontent with France at an earnings presentation on Tuesday he solely wished to sound an alarm over tax measures that he deems shall be “counter productive,” he added.
“What I stated is that the tax measures which can be being thought of are an incentive to relocate, since they’re a tax on Made in France,” he stated.
Arnault stated on Tuesday that plans to lift company taxes in France are “an awesome thought to encourage folks to relocate,” contrasting the ambiance in his native nation to the optimism he sees within the US following Donald Trump’s election as president.
“There’s a unique temper” between the 2 international locations, the billionaire informed reporters on the sidelines of LVMH’s annual outcomes, at one level evaluating his return to France to a chilly bathe.
In an interview on RTL radio Friday, Sophie Binet, chief of the French union CGT, likened feedback like Arnault’s to an indication that “the rats are leaving the ship.”
Arnault, in his publish on Friday, stated LVMH is “proud to make use of instantly and not directly some 200,000 folks in France.”
