French billionaire Bernard Arnault said he is upbeat about the outlook for the US economy, even as economists debate the prospect of a recession.
Asked on the sidelines of a party for the reopening of the Tiffany flagship store in New York if he is worried about a possible recession in the US this year, the LVMH chairman expressed optimism.
Arnault, the world’s richest man, told reporters, “Opinions are quite divided among economists.” Some say yes, some say no.
Earlier this month, LVMH Moët Hennessy Louis Vuitton SE said its US business was facing a slowdown. Revenue in that market grew 8% 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 heavyweights such as Steve Schwarzman from Blackstone, Apollo Global Management co-founder Leon Black, fashion designer Marc Jacobs, musician now Louis Vuitton menswear designer Pharrell Williams, but not New York Mayor Eric Adams. were also included. , actresses Blake Lively and Gal Gadot as well as celebrity model Hailey Bieber. Katy Perry performed on some of the songs.
Arnault also said there is room for growth for LVMH, which recently became the world’s 10th most valuable company.
“Now we have to rise to the global stage,” he said. “We can still improve a bit. Always improve.”
Arnault, 74, was attended by his wife Hélène Mercier as well as their four sons, Antoine, Alexandre, Frédéric and Jean. Five of his children work at LVMH.
The luxury-goods maker bought Tiffany in 2021.
The text of this story is published from a wire agency feed without any modification.
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