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Pinault Man’s Land

The luxury behemoths LVMH and Kering may be able to weather Trump’s tariffs—the ultra-rich aren’t going anywhere—but more pressing challenges, including a glut of stores, Gucci’s uncertain future, and luxury no longer being cool, are complicating the picture.

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Francesca Bellettini Francois-Henri Pinault
Investors are not pleased with what Bellettini and her boss, François-Henri Pinault, have achieved thus far: Shares fell once again, shrinking the company’s market cap to $20.7 billion, down from $22.5 billion earlier that morning. Photo: Ludovic Marin/AFP/Getty Images
Lauren Sherman
April 24, 2025

On Wednesday night, I was catching up with a C.E.O. friend, comparing notes about the Saks situation and John Arlidge’s recent piece for The Times about “luxury falling out of fashion.” While we were on the phone, he checked the Dow Jones Industrial Average, which was up more than 400 points after Trump softened his tone on his trade war with China.

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