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On LVMH’s first-quarter 2025 earnings call on Monday afternoon, the French luxury giant revealed slightly lowered sales while highlighting recent successes like the debut of Sarah Burton designing for Givenchy and Tag Heuer’s return to sponsoring Formula 1.
But the question on every analyst’s mind was: How is LVMH feeling about tariffs? President Trump’s rollout of disruptive tariffs has been causing headaches for fashion brands for weeks. LVMH is a leader in the fashion space and its CEO, Bernard Arnault, has close ties to Trump. Its reaction to the tariff rollout could serve as an indicator for the rest of the industry of just how dire things could be.
LVMH chief financial officer Cecile Cabanis fielded numerous questions about tariffs from analysts during the company’s investor call. LVMH’s modest downturn in sales, with a 5% decline from the previous quarter, had little to do with tariffs, she said.
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