ER Editor: This has probably way more to do with arresting these perpetrators of human trafficking and worse under EO 13818, which first came out in December 2017. Trump had illustrated his displeasure with these hideous people.
FINGER POINT
TRUMP PUT LOUIS VUITTON IN YOUR FACE
YOUR BAGS ARE THE CHILDRENhttps://t.co/0pyz4Fjenv pic.twitter.com/KLyAcJf0BQ— Qmum (@Nancy023922191) July 27, 2024
The white hats were alleged to create the fire at Notre Dame in April 2019, which was not easy to do given the ancient nature of the wood. Was the wealth of Arnault et al used for the reconstruction, we wonder?
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Readers may also be interested in this Forbes piece as to how these billionaires keep their wealth away from the taxman just up the road in Luxembourg —
Investigation: How Billionaires Park Vast Wealth In Tiny, Tax-Light Luxembourg
Forbes spent months digging into how and why some of the world’s richest, including LVMH’s Bernard Arnault and Zara’s Amancio Ortega, have parked nearly $30 billion of assets—from airplanes and helicopters to vineyards and luxury hotels—in holding companies in the European financial hub half the size of Delaware.
IN August, French mogul Bernard Arnault—the world’s third-richest person (ER: If you ignore the Rothschilds and their clique) and the chairman of luxury conglomerate LVMH—sold his 5.5% stake in French retailer Carrefour for about $850 million. According to annual reports, he owned most of those shares through Cervinia Europe, a company registered in the tiny European country of Luxembourg. Arnault established Cervinia Europe in 2013 and then transferred part of his Carrefour stake to the firm from another Luxembourg entity, Blue Capital S.a.r.l., which he had set up to hold his Carrefour shares in 2007, when he first purchased a 9.1% stake.
Those aren’t Arnault’s only assets held through Luxembourg, a financial hub half the geographic size of Delaware. Outside of the Carrefour stake, he owns more than two dozen Luxembourg-based entities that held $1.6 billion in private investments as of December 2020. Some notable benefits: If Arnault liquidates Cervinia Europe, he can keep the proceeds (and the cash from selling the Carrefour shares) tax-free. And thanks to Luxembourg’s 100% tax exemption for dividends—a break that kicks in after a holding company has kept at least $1.4 million worth of stock, or 10% of a company’s shares for a year—he may have collected nearly $900 million in Carrefour dividends since 2007 tax free. A spokesperson for Arnault declined to comment. …
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Luxury Bear Market Crushes Wealth Of French Billionaires
The slowdown in the global personal luxury goods market resulted in a year of record wealth losses for France’s top billionaires.
According to the Bloomberg Billionaires Index, Bernard Arnault, Françoise Bettencourt Meyers, and François Pinault had $71 billion erased from their collective wealth this year.
The three French billionaires are in the index’s top five for largest wealth losses (in dollar amount) on the year.
These billionaires control LVMH, L’Oréal SA, and Kering SA. It was a bloodbath for the industry…
Gucci-owner Kering tumbled 41% on the year, L’Oréal SA -24%, and LVMH -13.5%.
A recent note by Bain & Company, in partnership with Italy luxury goods manufacturers’ industry association Altagamma, showed that the personal luxury goods market entered its first slowdown since the Great Recession.
Global luxury spending is expected between -1% and 1% in year-over-year growth in 2024, reaching 1.5 trillion euros, or approximately $1.6 trillion, as cash-strapped consumers from China to Europe to the US continue dialing back on discretionary items.
Looking ahead, Bain forecasts a slight improvement in luxury spending in 2025 but anticipates a shaky industry through the decade’s end.
LVMH is the world’s largest luxury goods company, and in its latest earnings report, it warned about an “uncertain economic and geopolitical environment” denting global sales.
Meanwhile, Elon Musk remains firmly at the top of the Bloomberg Billionaires Index. Is rocket man set to become the world’s first trillionaire by the end of the decade? (ER: Absurd when you reckon what the Rothschilds owned and controlled.)
Building rockets is a much better business than selling purses made in sweatshops.
Source
Featured image source: https://www.di.se/live/ras-for-franska-lyxmiljardarer/
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Published to The Liberty Beacon from EuropeReloaded.com
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