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Bernard Arnault Criticizes Proposed French Tax Hike, Eyes U.S. Expansion
“I’ve just returned from the United States, and I could feel a wave of optimism sweeping through that country. Coming back to France feels like a cold shower,” LVMH CEO Bernard Arnault remarked during a press conference.
French lawmakers are set to begin discussions on Prime Minister François Bayrou’s proposed 2025 budget this Thursday. The plan includes €53 billion in tax increases and spending cuts designed to tackle France’s growing budget deficit. Among the controversial measures is a hike in the corporate tax rate, which would rise to 41.2 percent for highly profitable companies earning over €3 billion in annual turnover, such as Arnault’s own LVMH.
Finance Minister Eric Lombard assured that the corporate tax increase is intended as a temporary measure, lasting just one year. Arnault, however, expressed skepticism. “Nobody believes it,” he said on the sidelines of the event, according to Le Figaro.
In response to criticism, Civil Service Minister Laurent Marcangeli defended the policy, describing the tax hike as “a necessary evil” during an interview with RTL on Wednesday.
With France’s economic outlook becoming increasingly uncertain, Arnault revealed that LVMH is “seriously” exploring the possibility of opening more factories in the United States. This move, he explained, would help the luxury goods giant sidestep tariffs that former U.S. President Donald Trump has promised to impose on foreign-made products sold in the American market.
Last week, Trump extended an open invitation to foreign businesses during a virtual appearance at the World Economic Forum in Davos, Switzerland. “My message to every business in the world is simple: Come make your product in America, and we’ll offer you some of the lowest taxes of any nation on earth,” Trump stated. “If you choose not to make your product in America, which is your prerogative, you’ll have to pay a tariff.”
LVMH, the parent company of iconic brands like Louis Vuitton, Dior, Fendi, and Moët & Chandon, sees the U.S. as an attractive opportunity amidst policy uncertainties in France.
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