How Much Money Has Bernard Arnault (LVMH) Lost Since Trump’s Return?

Since Donald Trump assumed his second term as President of the United States on January 20, 2025, the luxury sector has faced significant challenges. One of the most affected figures is Bernard Arnault, chairman and CEO of LVMH, whose fortune has seen a substantial decline in the first months of the new administration.

Arnault’s Economic Losses: A Multi-Billion Dollar Blow

Before Trump’s re-election, LVMH had already been experiencing a period of uncertainty, with declining demand in key markets such as China and the United States. However, following Trump’s victory, LVMH’s stock rose by 20% in January 2025, increasing Arnault’s wealth by approximately $12 billion.

But this surge was short-lived. Since then, LVMH shares have lost most of those gains, leading to a drop of around $5 billion in Arnault’s net worth within just two months. Investor concerns about Trump’s economic policies and their effects on the luxury sector have been the primary drivers of this downturn.

The Impact of Trump’s Tariff Policies on LVMH

One of the key threats affecting LVMH is Trump’s proposal to impose tariffs of up to 200% on European luxury products, particularly wines, champagnes, and spirits. LVMH, which owns brands such as Moët & Chandon, Dom Pérignon, and Hennessy, relies on the U.S. market for about one-third of its wine and spirits division’s sales.

Although these tariffs have not yet been implemented, the mere expectation of them has caused market volatility, leading to a 1.9% drop in LVMH stock in February 2025.

LVMH’s 2024 Financial Performance: Declining Revenues and Profits

Even before Trump’s return, LVMH was showing signs of slowing growth. In the 2024 fiscal year, the company reported:

• Total sales: €84.7 billion, a 2% decline compared to 2023.
• Net profit: €12.6 billion, reflecting a 17% drop from the previous year.
• Wines & Spirits division: Revenue declined by 11%, mainly due to weakened demand in the U.S. and Asia.

The company’s Fashion & Leather Goods division—its most profitable sector, home to brands such as Louis Vuitton, Dior, Fendi, and Givenchy—has still seen growth. However, experts warn that Trump’s protectionist policies and a possible slowdown in consumer spending could negatively impact sales in the near future.

Arnault’s Relationship with Trump: A Friendship with Consequences?

Bernard Arnault and Donald Trump have been acquainted for decades. Since the 1980s, the two have shared business and political interests. In 2017, Arnault was received at the White House by then-President Trump to discuss LVMH investments in the U.S., and in 2025, he attended Trump’s second inauguration with his family.

Despite this close relationship, Trump’s economic policies have not favored LVMH. His “America First” trade stance has led to uncertainty in international markets and put European luxury exports at risk. As a result, LVMH’s stock has suffered, directly affecting Arnault’s fortune.

What’s Next for Arnault and LVMH?

LVMH’s future will largely depend on how U.S. trade policies evolve and how well the company adapts to changing market conditions. Some key factors to watch in the coming months include:

• Final decision on luxury tariffs: If the 200% tariffs are implemented, LVMH’s U.S. sales could take a major hit.
• Recovery of the Chinese market: A stronger rebound in Asia could offset potential U.S. losses.
• Expansion into new markets: LVMH is already exploring Latin America and the Middle East as strategic growth regions.
• Price adjustments: The company may increase prices in the U.S. to compensate for potential higher import costs.

As of now, Bernard Arnault has lost $5 billion since Trump returned to power. However, with a net worth still exceeding $180 billion, he remains one of the richest people in the world and the most powerful figure in the luxury industry. The big question is: Will his empire withstand the economic storms ahead, or will he have to rethink his strategy for the years to come?