Latest news with #Arnault
Yahoo
14-06-2025
- Business
- Yahoo
Inside VivaTech: LVMH Spotlights AI and Sustainability at Innovation Awards
PARIS — Bernard Arnault, chairman and chief executive officer of LVMH Moët Hennessy Louis Vuitton, was working his second job Thursday morning, missing the annual Innovation Awards at the VivaTech fair. LVMH's head of communication, image and environment, Antoine Arnault, stepped into his father's shoes to apologize to the crowd and congratulate the winners. More from WWD Magic vs. Logic: Analysts Get Creative and Start to Weigh In on Designer Appointments Louis Vuitton Is the New Official Partner of Real Madrid Shoppers Are Investing in Luxury Handbags Over Stock 'You might have noticed that, on top of his multiple hats, he also became recently a diplomat, and his diplomacy skills made him unable to attend today,' said the younger Arnault of his father's whereabouts. 'But it's nothing more than that, and he's very sad that he couldn't be here,' he added, heading off any speculation at the pass. The winners were selected from LVMH's Maison des Startups and judged on new criteria this year, including the ability to collaborate with brands and capability to scale quickly. Real-time predictive audience segmentation AI Kahoona, partnered with Dior, took the best business prize for its ability to read the 'digital body language' of anonymous site visitors; soil health measurement system Genesis, collaborating with Moët Hennessy, took the Impact Prize; and digital twin 3D AI content creation studio OMI, partnering with Guerlain, took the Most Promising prize. Tiffany & Co. stepped in for the first time to create the trophy, and on stage, representatives from each winning team asked Arnault a question on business leadership. 'You need a little bit of craziness sometimes, and you need to take crazy decisions once in a while,' he said, citing the decision of Bernard Arnault hiring John Galliano to head the house of Christian Dior when he was just a 'young British [designer] with a bit of a bad reputation.' Imparting the lessons he's learned from the luxury business, Arnault said that when Amazon started growing into the shopping behemoth it is today, his father went against the grain and opened bigger, flashier retail spaces to transform shopping into entertainment. 'He tried to prove that you needed temples — not to worship luxury products — but at least to have a great experience, and to go in there and meet people, drink a glass of Champagne, take your time, and then maybe take a crazy decision on buying very expensive products,' he said. After the ceremony, winners were treated to a live engraving of their name on the trophy, Oscars-style. Other heavy hitters made their way to the convention center in the south of Paris, including French President Emmanuel Macron and prime minister François Bayrou. The newly minted superstar speaking slot went to Nvidia CEO Jensen Huang. Overall, this year's programming bid bye-bye to blockchain and adios to AR — the exhibitor and speaker lineup was heavy on companies with an AI angle. However, this is a generational shift and not just another trend, said LVMH chief information officer Franck Le Moal. 'AI and genAI are definitely a strong transformation,' he told WWD. 'It will not be a kind of buzz word, a bit like 'metaverse' was. It's really becoming part of the day-to-day processes' integrated throughout systems across the company, he said. Le Moal said LVMH is supporting its workforce in learning AI as a tool and has created two academies within the conglomerate to educate staff at all levels on a 'new way of working.' He highlighted several use cases being tested at LVMH, including using AI in marketing to adjust content for different countries and social platforms, and using generative AI to create photo-realistic content. The company also renewed its partnership with Google Cloud, focusing on developing new AI, including an internal version of Google's Gemini called MaIA, and is developing AI agents for retail sales and client outreach. AI is already deployed in supply chain forecasting and inventory optimization. 'We can use technology to adjust and make our supply chain even more efficient in a very unpredictable context,' he said, framing production within the current climate and geopolitical challenges. 'We are facing agility, being able to answer very quickly to the context in China, in the U.S., in Europe, being able to adjust our production and distribution.' Kahoona's tech uses what cofounder Gal Rapoport called 'digital body language,' finger size, movements, and signals that can be analyzed by AI to identify and understand the personality of an anonymous shopper. Rapoport said research shows that 96 percent of visitors to a website are anonymous, and only 0.5 to 3 percent of those visitors convert to a sale. Early data demonstrates that the hyper-personalization and segmentation that comes along with personality detection drives engagement up over 10 times. Advertising is now in the hands of the brands, which can create product campaigns or use virtual models that can be ordered up in minutes. Most Promising Prize winner OMI's tech makes a digital twin of any item, which can then be used inside an 'endless photoshoot,' manipulating positioning, light reflecting, and altering ratios for platform compatibility. OMI's rendered images are photorealistic and give the power to the brands to create their own ads and media, be it the design, marketing or e-commerce team — pretty much any team in an organization — with the same 3D model at the core. 'The main advantage is that it's a non-technical skills-related solution,' said OMI product manager Swen Hueber. Without need for an engineer, it significantly reduces ad production costs and time down to a few hours. Elsewhere, brands can now mix-and-match model features, much like shopping online, with AI photo studio Veeton. The start-up's tech can replicate a full photoshoot within two hours, said cofounder and CEO Flore Lestrade. Fashion brands have been working with existing tech like Midjourney to create images, but they can still wander in the uncanny valley. 'That's something fashion brands are actively working on — de-AI-ifying those images,' said Lestrade. Veeton offers a menu of virtual models to select from, adjustable for body types, pose, race, style and age. Users can upload flat pack shots, and the AI will create a look from its dataset of over 50 million fashion images. Subtleties such as facial expressions or posture can be adjusted with prompts to match creative direction without the need for engineers or editors, she said. Veeton has already worked with Showroomprivé and will roll out to more fashion brands and retailers soon. EssilorLuxottica CEO Paul du Saillant and Publicis Groupe Chair Emeritus Maurice Levy took the stage to tout the eyewear maker's partnership between its Ray-Ban brand and Meta to create connected glasses. Du Saillant said Google's attempt at connected glasses didn't work a decade ago because they 'did not address the style element.' Levy said he doesn't go into a meeting these days without wearing a pair of the glasses — which can record video and audio, amplify sound, and alert wearers of emails and text messages in real time. The eyewear company is preparing to 'expand aggressively' and will roll out more styles and possibly partnerships with other brands soon. EBay France general manager Sarah Tayeb and Vestiaire Collective chief impact officer Dounia Wone both addressed the apparent contradiction of using AI, which consumes significant amounts of energy and water, to simplify resale or refurbished goods shopping. Both use tech that can help create and translate listings, as well as assist with search to help nudge consumer behavior. 'We need to take a step back,' said Wone. AI can help these businesses 'grow in an industry that is very much a huge polluting industry,' she said, and help create a circular economy. By adding ease, AI support enables more people to enter the resale ecosystem and has helped double sales of suggested items. 'It's an opportunity, because sustainability tech needs to be aligned with growth,' she said. Sustainability data management platform Sweep works with fashion brands including Burberry, Lacoste, and The Kooples, and beauty brands such as Caudalie, to collect and monitor environmental and carbon data throughout their supply chains, as well as build transition plans. Sweep cofounder and CEO Rachel Delacour emphasized that companies should see sustainability as a key driver of transformation, as it helps break down departmental silos and establishes sustainability as a core business pillar. It's a tricky global moment with the new Trump tariffs upending global trade and the EU potentially rolling back some sustainability reporting regulations, but Delacour said that while fashion brands are becoming more cautious, they aren't abandoning sustainability altogether. 'The fashion brands we are talking with are telling us, 'We can't waste four years of data collection,'' she said. Instead, the uncertainty is acting as an accelerator for companies to make a stronger business case for sustainable supply chains. Regardless of how the regulations play out, both European and U.S.-based companies see sustainability as necessary to future-proofing their businesses. 'It has actually accelerated the sustainability understanding and how they must engage with their value chain and [demonstrate] the ROI of all this for the CEO and the board members,' she said. 'There are finite resources on this planet. There will be winners and losers. The ones who are not able to transition to a low carbon economy in their business and in their value chain, they won't be here in the next 10 years.' Best of WWD Retailers Leverage First Insight for ESG Alignment What Steph Curry's Sneaker NFTs Can Teach Fashion Year in Review: Brands, Retailers Go Hyper-digital in a Challenging Landscape Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
12-06-2025
- Business
- Reuters
Breakingviews - LVMH would be better off without M and H
LONDON, June 11 (Reuters Breakingviews) - Bernard Arnault likes empire-building, not the other way around. Yet the LVMH ( opens new tab boss's $270 billion luxury company, whose 75 brands span Louis Vuitton bags, Moët champagne and Hennessy cognac, is now saddled with a conglomerate discount. The struggling drinks unit, which brings few synergies and faces tobacco-like risks, should be jettisoned. Selling or spinning off Moët Hennessy sounds like heresy. That's not just because it accounts for two letters in the French luxury group's name: LVMH was created in 1987 through the merger of Moët Hennessy and Louis Vuitton. Pricey tipples like Dom Pérignon champagne, which sells for about 200 pounds ($270) a bottle – and higher for those made in the best years – have also acted as a hedge, as they are less exposed to economic cycles than some goods like shoes or handbags. Yet that argument is starting to look shaky, as consumers increasingly hunt out cheaper drinks, opens new tab. The unit, accounting for about 7% of group sales, has been the worst-performing among LVMH's six divisions in the past year. Sales fell 8% to 6 billion euros last year, whereas LVMH's total revenue rose 1%. For now, Arnault seems focused on fixing the business, but it's a good time to rethink where it belongs. Unlike Sephora – LVMH's lower-margin beauty retailer – it neither provides valuable intel that can help shape strategy for the rest of the group, nor offers much opportunity for cross-selling. Moreover, the world is changing rapidly, with the next generation of aspiring luxury consumers willing to embrace a future without alcohol. A pariah status akin to tobacco could damage the very brand desirability that LVMH has so painstakingly curated. LVMH's 66% stake in the drinks unit could be worth 12 billion euros, if valued on the same average multiple of 14 times 2026 operating profit fetched by rivals Diageo (DGE.L), opens new tab and Pernod Ricard ( opens new tab. Given its size, and current challenges, a spinoff probably makes more sense than a sale for now. Listing the unit separately would leave behind a simpler, faster-growing luxury group, which should be valued more highly by investors. A simple sum-of-the-parts calculation suggests that LVMH could be worth some 369 billion euros including net debt, a 47% uplift on its current enterprise value. Selling the drinks business would still be a big step for Arnault, not least because his son Alexandre, who is in the closely watched succession contest among five siblings, is currently its deputy CEO. Still, the fact that Big Tobacco stocks like British American Tobacco (BATS.L), opens new tab are now valued at just 9 times operating profit suggests that the drinks unit could have further to fall. LVMH is better off without M and H. Follow Yawen Chen on Bluesky, opens new tab and LinkedIn, opens new tab.
Euronews
08-06-2025
- Entertainment
- Euronews
What will Jonathan Anderson bring to Dior as new creative director?
The world of football makes regular headlines for huge money-spinning transfers as fans eagerly anticipate what wonders players will bring to their team. This week has seen one of the biggest moves in the fashion business with the iconic French maison Dior now hoping Jonathan Anderson will liberally sprinkle his magic dust about its men's and women's collections to boost its fortunes. For almost a decade, the Northern Irish designer led the LVMH-owned Spanish fashion house Loewe – an unmitigated success story, increasing the brand's annual revenues fivefold. Now, he steps into a historic role at Dior, becoming the first person since Christian Dior himself to serve as its sole creative director. It's a major moment for the 40-year-old designer, whose journey began far from the runways of Paris. Born in Magherafelt, a small town in Northern Ireland, Anderson left home at 18 to pursue acting in the US. He later changed course and returned to Europe. Drawing on his childhood passion for theatre and costume, he decided to study at the London College of Fashion, where he graduated. Last year, Anderson was named one of the 100 most influential people by Time magazine, praising 'his innate understanding of how fashion and human behavior intertwine' and how 'his work is always ahead of the curve'. His sense of cultural timing has been noticeable throughout the years. Think back to February 2020, just before the world shut down, Harry Styles was rehearsing for the Today show in a colourful, patchwork JW Anderson cardigan. The knitted sweater quickly went viral on TikTok, where users began crocheting their own versions – unaware of just how much time lockdown would soon give them to perfect their craft skills. Another example is Rihanna's headline-making pregnancy reveal at the 2023 Super Bowl halftime show, where she wore a striking all-red jumpsuit and breastplate designed by Anderson. The bold look subtly confirmed her second pregnancy to millions watching worldwide, creating a viral craze. Or when Anderson decided to make then 87-year-old Dame Maggie Smith the face of Loewe campaign, showing that fashion doesn't have an age. In aVogue Business interview Dior CEO Delphine Arnault called him 'the most talented designer of his generation.' Praising his experience at Loewe and leadership within the group, Arnault added, 'He has great experience managing large teams, even though he is only 40. More importantly, he has a very clear vision for the brand.' Anderson steps into the role following former creative director for women's collections, Maria Grazia Chiuri. The Italian designer Grazia Chiuri was also celebrated by Arnault for her 'tremendous work with an inspiring feminist perspective and exceptional creativity, all imbued with the spirit of Monsieur Dior, which allowed her to design highly desirable collections.' Arnault said, 'She has written a key chapter in the history of Christian Dior, greatly contributing to its remarkable growth and being the first woman to lead the creation of women's collections.' Anderson is competitive by nature – something he may have inherited from his father, Willie Anderson, a former Ireland international rugby player. Anderson sees clear parallels between sports and fashion, once telling The Independent: 'Sportspeople are extremely competitive – to win. And in fashion, when you see someone do something brilliant, it drives you to do something better… to keep outdoing yourself". His parents have always been supportive. In an interview with The Irish News, they said, 'They believed in a kid who had monumental talent, and we were the same. We saw something in Jonathan. And then we went about ensuring in his early days that we could help him fulfil his dream. You'll do anything for your kid if you believe their dream is not something that's beyond them.' His father Willie even admitted that he and Anderson's mother Heather 're-mortgaged the house to try and get him through certain points.' In 2008, he launched his eponymous label, JW Anderson, in which LVMH acquired a minority stake in 2013. In 2015, JW Anderson made history at the British Fashion Council's Fashion Awards by becoming the first house to win both Menswear and Womenswear Brand of the Year in the same year. The brand is known for blurring the line between men's and womenswear, often labeled androgynous or gender-bending, though Anderson himself prefers the term "unisex". Thankfully for his parents and their home, Anderson has more than delivered. Due to conservation protection, shooting films at the Auschwitz site is not possible. In order to meet the needs of filmmakers, the Auschwitz Museum has made a digital replica, which was created "out of the growing interest of directors in the history of the German camp," explains Bartosz Bartyzel, a spokesman for the museum, in an interview with Euronews Culture. Euronews Culture: Where did the idea to create a digital replica of Auschwitz come from? Bartosz Bartyzel: The Auschwitz Museum has been working with filmmakers for many years - both documentary filmmakers and feature film directors. However, due to the conservation protection of the authentic Memorial Site, it is not possible to shoot feature films at the site. The idea to create a digital replica was born out of the need to respond to the growing interest in the history of the Auschwitz German camp in cinema and the daily experience of dealing with the film industry. This tool offers an opportunity to develop this cooperation in a new, responsible and ethical formula. Why is a replica necessary? B.B.: The regulations in force at the Memorial preclude the possibility of shooting feature films on the authentic and protected site of the former camp. However, filmmakers - especially those who want to reach for more narrative forms - need a space that allows them to tell the story faithfully. With a digital replica, they can do this without compromising the integrity of the historic site. Were filmmakers consulted with before the implementation? B.B.: In fact, it was the day-to-day collaboration with filmmakers and the production needs and challenges they reported that inspired the project. The idea was not detached from reality - on the contrary, it was born out of specific conversations, experiences and questions that had been coming from the creative community for years. Who was involved in the creative process? How long did it last? B.B.: The Picture from Auschwitz project is a joint initiative of the Auschwitz Museum, the Auschwitz-Birkenau Foundation and a team of technology specialists led by Maciej Żemojcin. The very concept crystallised over several months in the course of joint work and discussions. The technical team used the most advanced spatial scanning technologies to create a digital replica of the Auschwitz I camp. At the moment, the Foundation is making efforts to raise the funds needed to continue the project - to create a digital replica of the grounds of Auschwitz II-Birkenau, as well as the interiors of some of the buildings. What reactions did you receive after the announcement of the creation of the replica? B.B.: The reactions were definitely positive - both from the film community, which sees this as a viable and professional working tool, and from the general public, for whom this is an opportunity to learn about history in a deeper and more authentic way through the medium of film. The project has also been recognised in international debate, including at the Marché du Film in Cannes. Are there already willing filmmakers who will benefit from the replica? B.B.: We have already started discussions with the first filmmakers who have expressed an interest in collaborating using the digital replica. The details of these projects remain at the agreement stage for the time being, but we hope to be able to provide more information on the first productions soon. How has this project been funded and what will it take to sustain it? B.B.: The creation of the replica is financed by the Auschwitz-Birkenau Foundation from earmarked donations made by private donors. The Foundation is seeking funds to continue the project. Its assumption is that ultimately the maintenance and development of the programme will be financed through licence fees paid by film producers who will use the materials within the Virtual Film Location. This way, the project will become a self-financing tool, simultaneously supporting the educational and commemorative mission of the Memorials. What difficulties have arisen in implementing the project? B.B.: Such large and innovative projects always face difficulties. One of the biggest was, of course, obtaining adequate funding to start and develop the project. A key challenge was also the need to reconcile high-tech solutions with the very special status of the space we were mapping. Although we are working in a digital environment, we must not forget that every step we take concerns an authentic Memorial, which is subject to unique protection. This must be a priority thought in every action.
Yahoo
28-05-2025
- Business
- Yahoo
Tiptoeing Around Trump, Fashion Refines Trade War Rhetorical Style
Fashion is learning how to talk — and when to keep quiet — in the 'Art of the Deal' age. U.S. President Donald Trump decided he wanted more from the European Union on Friday and recommended 50 percent tariffs on imports starting June 1. More from WWD LVMH is Innovating With its Viva Tech Stand Trump Threatens 50% Tariffs on EU, Rattling Markets Pandora Wants to Become the World's Jeweler, One Charm at a Time While that would be a profit-crushing levy at the border of a vital market for European luxury houses, the reaction from fashion wasn't so much muted as it was nonexistent. WWD reached out to Beiersdorf, Brunello Cucinelli, Ferragamo, Hermès, Kering, LVMH Moët Hennessy Louis, L'Oréal, Moncler, Prada, Puig, Richemont, Safilo, Unilever and Zegna and it was no comment or no response all around. The C-suite is learning — or rather often pugnacious Trump is teaching — just what it is that will keep corporations out of the fiery world of politics. When Doug McMillon, president and chief executive officer of Walmart Inc., said earlier this month that the discount giant could not 'absorb all the pressure' of the tariffs and suggested prices would rise, Trump shot back hard. He pointed to Walmart's $19.4 billion in profits last year and said Walmart and China should collectively 'EAT THE TARIFFS.' 'I'll be watching, and so will your customers!!!' the president warned. Target Corp. CEO Brian Cornell, reporting earnings the following week, is no doubt feeling all the same pressures, but was careful on the topic of tariff-related price hikes, calling them only 'the very last resort.' That seemed to be enough to give the company a pass from Trump. When fashion has spoken out, it has not been to react directly to some action, but in a more general context that's often favorable to the idea of some wheeling and dealing. Bernard Arnault, chairman and CEO of LVMH, urged the European Union to make concessions in its trade talks with the Trump administration during a hearing in the French Senate. 'It is very important for Europe to reach an agreement with the United States and I would say that, so far, things seem to be off to a relatively bad start,' he said. 'Negotiations must be handled constructively. They must aim to achieve results, and therefore with reciprocal concessions.' Arnault cited the example of the United Kingdom, which was the first foreign country to reach a deal with Trump. 'I hope to be able to convince Europe, with my limited resources and contacts, to adopt a similarly constructive attitude,' said Arnault, downplaying his position as billionaire luxury titan who has contacts everywhere. 'For France, the risk is major, particularly for cognac and Champagne, but especially for cognac.' Workers at some of LVMH's Champagne houses have staged strikes this month after the luxury conglomerate's wine and spirits division Moët Hennessy announced plans to shrink its workforce by 1,200 employees in response to challenging market conditions. The unit's revenues fell by 8 percent in organic terms in 2024. 'I get the feeling that in France, we're not really aware of the problem. But today, roughly 80 percent of cognac sales worldwide are made to China and the United States,' Arnault said. Unless an agreement is reached, 80,000 winegrowers could be impacted in the Charente region, where cognac is from, he warned. Arnault has known Trump for years, set up a manufacturing facility in Texas during his first term in the White House and attended his second inauguration. But those connections only go so far in the game of geopolitics. Trump on Friday recommended 'a straight 50 percent tariff on the European Union, starting on June 1' in a post on social media Friday, saying that trans-Atlantic trade talks 'are going nowhere.' While imports from the EU were hit with 20 percent tariffs when Trump rolled out his reordering of global trade on 'Liberation Day,' April 2, that was cut to 10 percent pending negotiations. Washington's hardball, yet start-and-stop approach to trade did open up talks with countries around the world but few deals have been struck. Trump, whose mother was born in Scotland, has given the U.K. a break, fixing import tariffs at 10 percent, and striking an 'economic prosperity' trade deal earlier this month that will see some tariffs wiped out entirely. But even that won't shield British brands' operation across the global fashion industry. London-based Burberry, for instance, would likely be impacted by the tariffs to some extent as it produces the bulk of its collections between the U.K. and Europe. Trump reiterated that the EU was formed for 'the primary purpose of taking advantage of the United States on trade' and said the bloc has been 'very difficult to deal with. 'Their powerful trade barriers, VAT taxes, ridiculous corporate penalties, non-monetary trade barriers, monetary manipulations, unfair and unjustified lawsuits against American companies, and more, have led to a trade deficit with the U.S. of more than $250,000,000 a year, a number which is totally unacceptable,' he said. That figure understates the goods deficit with the EU, which the U.S. Trade Representative's office pegged at '$235.6 billion in 2024, a 12.9 percent increase ($26.9 billion) over 2023.' While Trump recommended a 50 percent tariff on EU goods, these numbers have a way of moving lower. China, after some tit-for-tat tariff boosts, saw tariffs on its goods shoot up to 245 percent this spring — a level that was in effect an economic embargo. But those tariffs fell to 30 percent for 90 days to facilitate negotiations. Richemont is also based outside the EU, in Switzerland, but many of the companies in its portfolio are based in and manufacture in France and Italy. While the company did not comment on the tariffs, its founder and chairman Johann Rupert said earlier this month that he understands what Trump is trying to do. 'I believe the United States are using the tariffs in a transactional manner, and I do believe there are wise people in the Treasury of the United States who do not wish to have a total cessation of world trade,' said Rupert following the release of Richemont's fiscal 2025 results. Rupert added: 'There are imbalances that need to be addressed. The United States cannot carry on blowing up its debt which stands at nearly $37 trillion, and so President Trump is doing things that need to be done to address the overall situation.' Richemont, which produces all of its watches and some of its jewelry in Switzerland, is holding its nerve on any substantial price increases until it sees where tariffs land. Rupert said he is loath to raise prices drastically — anywhere — for fear of damaging the relationship with the local customer. A few days ago Rupert traveled to Washington, D.C. with South African president Cyril Ramaphosa and a delegation of the country's golf enthusiasts. They talked mainly about violence in South Africa, and the need for more security and Elon Musk's Starlink satellite internet services, but not about tariffs — in public at least. It's in private where the real deals are likely to be struck. — With contributions from Luisa Zargani and Jennifer Weil Best of WWD Pandemic Has Stoked Appetite for French Luxury, Survey Finds U.S. Sets Strategic Vision for China Trade Policy Furmark's Farm-to-Shopfloor Tracing Tags Set for International Debut Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
24-05-2025
- Business
- Fashion Network
Europe must make concessions to Trump in trade talks, LVMH's Arnault says
The European Union must soften its stance toward U.S. President Donald Trump 's trade demands and negotiate a deal to avoid tariffs and protect European jobs, LVMH CEO and chairman Bernard Arnault said on Wednesday. Talks between Brussels and Washington should be handled "with the aim to succeed and therefore with reciprocal concessions," Arnault said. "For now, I am under the impression it's not going well." Speaking to French senators during a parliamentary hearing, Arnault said he was actively lobbying to avoid tariffs, citing his group's cognac and wine business as particularly impacted by the trade tensions. "You see what the British have done, they have negotiated very well. Using my modest means and contacts, I hope I will manage to convince Europe to adopt a similarly constructive attitude", Arnault said. Britain earlier this month struck a deal that would improve access for the worst-hit sectors, rather than pursuing a wider agreement. Arnault did not comment further when asked by lawmakers about his direct talks with Trump and a recent visit to the White House. The United States is LVMH's most important market, accounting for 25% of annual sales.
