Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

Bernard Arnault said he spoke with Mark Zuckerberg about Meta layoffs, which the LVMH boss described as workers being "promoted outwards."

Shares in LVMH fell in early Frankfurt trading on Wednesday, as sales growth posted by the luxury goods group failed to impress investors, following a string of strong results from rivals and recent price gains.

Shares in LVMH were on track for their largest drop in 14 months on Wednesday after the luxury goods group's latest sales figures disappointed investors hoping for stronger signs of a rebound at the sector bellwether.

Luxury giant LVMH is "seriously considering" bulking up its production capacities in the United States, CEO Bernard Arnault said on Tuesday, praising a "wind of optimism" in the country that contrasted with the "cold shower" of potentially higher corporate taxes in France.

WASHINGTON, DC – JANUARY 20: Guests including Mark Zuckerberg, Lauren Sanchez, Jeff Bezos, Sundar Pichai and Elon Musk attend the Inauguration of Donald J. Trump in the U.S. Capitol Rotunda on January 20, 2025 in Washington, D.C. Photo by Julia Demaree Nikhinson – Pool/Getty Images.

LVMH has announced its results for fiscal 2024. The French luxury conglomerate said that reported sales dipped 2 percent to €84.7 billion (+1 percent in organic terms), due to a ‘challenging economic and geopolitical environment’.

Trump's inauguration drew several business and tech CEOs, including Jeff Bezos, Mark Zuckerberg, Elon Musk, Tim Cook, and TikTok's Shou Zi Chew.

The e-commerce giant said it is cutting a small number of roles after a routine evaluation of its team structures and ability to “move fast.”

Britain's biggest supermarket group Tesco plans to cut about 400 jobs from stores and its head office, seeking efficiency savings so it can invest in the business, it said on Wednesday.

Mr Trump is more transactional than presidents before him, which increases the risk of cronyism and self-dealing. But America’s economy, including its technology industry, is too unwieldy and dynamic to petrify into an actual oligarchy, whatever diplomats and departing presidents say. ■

A who's who of tech titans, business magnates, and global elites attended President Donald Trump’s 2025 inauguration, including Musk, Bezos, and Zuckerberg.