LVMH to open more factories in the U.S.
Luxury tycoon Bernauld Arnault, owner of LVMH, met with President-elect Donald Trump at Trump Tower in Manhattan on Monday and he is considering expanding his factories, including two in the U.S., according to pool reports.
Arnault is looking at sites in North Carolina and Texas and Trump said he is also considering a location in the Midwest.
“We may expand our factory that we have in California and build one either in Carolina or in Texas,” Arnault said. “We have built some Louis Vuitton products for 25 years in California, in San Dimas, and we’re going to expand because of the success of the product,” he told reporters in the lobby after the meeting. “We are looking at two possibilities. But it will be done shortly.”
“One of the great men, you know that, right? And they all love this country,” Trump said. “They’re going to do some wonderful things in this country,” he said, adding “jobs, a lot of jobs.”
Arnault’s son Alexandre was also seen with his father in the Trump Tower lobby and likely at the meeting with Trump. He was said to be toting an example of LVMH’s latest acquisition, a Rimowa suitcase.
Further details of the meeting were not immediately available. Arnault does have a major financial interest in meeting with Trump in terms of the Louis Vuitton flagship at Fifth Avenue and 57th Street. Stores in the area around Trump Tower at Fifth Avenue and 56th Street have been severely impacted by all the security precautions put in place to protect the president-elect. Some retailers in the neighborhood have said their business has declined by 30 percent or more because shoppers are being scared off.
It is the first time Trump has met with a high profile fashion executive and forms part of his campaign to bring more jobs to the U.S. and build the U.S. economy.
adapted from WWD