French billionaire Bernard Arnault said he’s upbeat about the outlook for the US economy, even as economists debate the likelihood of a recession.
Asked on the sidelines of the Tiffany flagship store reopening party in New York whether he was concerned about a potential recession in the US this year, the LVMH chairman expressed optimism.
“The opinions are quite split between economists,” Arnault, the world’s wealthiest person, told reporters. “Some say yes, some say no. Personally I’m quite confident.”
Earlier this month, LVMH Moët Hennessy Louis Vuitton SE said its US business was experiencing a slowdown. Revenue in that market rose 8 percent on an organic basis in the first quarter, compared to double-digit growth rates for all other regions.
Thursday’s party guest list included a mix of Wall Street heavy weights such as Steve Schwarzman from Blackstone, Apollo Global Management co-founder Leon Black, fashion designer Marc Jacobs, musician now-turned Louis Vuitton menswear designer Pharrell Williams but also New York Mayor Eric Adams, actresses Blake Lively and Gal Gadot as well as celebrity model Hailey Bieber. Musician Katy Perry performed a few songs.
Arnault also said that there was room to grow for LVMH, which recently became the 10th most valuable company in the world.
“Now we have to rise globally,” he said. “We can still improve a bit. Always improve.”
Arnault, 74, was joined at the event by his wife Helene Mercier as well as his four sons, Antoine, Alexandre, Frederic and Jean. His five children all work at LVMH.
The luxury goods maker bought Tiffany in 2021.
By Angelina Rascouet
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