Trump celebrates Texas Louis Vuitton factory with LVMH CEO Bernard Arnault
The Great State of Texas is now home to one of the world's most valuable luxury brands; LVMH and President Trump was on hand to celebrate with CEO Bernard Arnault.
The parent company of Louis Vuitton opened a handbag factory in Rochambeau Ranch in Johnson County, Texas. The location will create 1,000 new jobs over the next several years. The President touted the luxury maker's commitment to creating 'Made in the USA' products, as well as forwarding the administration's 'Pledge to the American Worker' which aims at training employees with new skill sets.
Arnault was an early supporter of Trump visiting Trump Tower in midtown Manhattan, a stone's throw from his offices, in January 2017. At the time Arnault eluded to expanding Louis Vuitton manufacturing with another U.S. factory.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LVMH | NO DATA AVAILABLE | - | - | - |
"We are going to expand because of the success of the product and we are going to do that in Carolinas or Texas," he said while speaking to reporters with Trump.
The bags were spotted being carted to Marine One from the White House lawn as Trump and First Lady Melania prepared for a trip to Texas to tour the devastation caused by Hurricane Harvey.
Photo by Olivier Douliery-Pool/Getty Images
On Thursday, U.S. Energy Secretary Rick Perry, who is also the former governor of the state, joined the entourage and tendered his resignation as Energy Secretary which Trump said has been in the works for awhile.
U.S. Ambassador to France, Jamie McCourt, was also there telling FOX Business "This part of his pledge to American workers to create manufacturing jobs" she said.
Arnault, according to Forbes, is the world's fourth-richest person with a net worth of $100 billion. Louis Vuitton is one of 70 brands controlled by LVMH, which also includes Sephora and champagne Moet Hennessy.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Louis Vuitton bags are a classic staple, with the brown and tan initials and icon. Small bags can start as low as $400, with luggage costing well into the thousands.