US President Donald Trump, inaugurated Luxury Brand, Louis Vuitton's new production facility in the state of Texas. He was accompanied by senior adviser, Ivanka Trump and Jared Kushner at the inauguration ceremony. During the event, Donald Trump met with French businessman, Bernard Arnault, head of LVMH (Louis Vuitton Moët Hennessy), who he thanked for being a part of his vision of creating a revival of American manufacturing. Trump further told Arnault "You'll be very happy" with reference to the luxury brand making such a big investment.
The group was taken on a tour and were shown as to how the luxury handbags were stitched and crafted in a proper manner. They also met with the people who would be working at the new production facility.
Later on, Trump fancied a bag that was covered in the classic Louis Vuitton print with an appealing red-coloured design. He further lauded the conglomerate's $50 million investment in the facility.
He further thanked the company for trusting America and making such a big investment in the state of Texas that it will, in turn, provide employability options for a lot of people. Trump added that LVMH will not at all be disappointed with their decision.
In addition to this, Bernard Arnault stated that this investment will lead to the employment of approximately 1,000 people within a period of 5 years. Arnault said that he always thought of America as a land of opportunities and this deal was a direct reflection of the company's business ties with the United States of America.
According to reports, the American market generates a major chunk of the luxury brand's revenue as it already houses 2 production facilities in the state of California whose handbags are seen on the arms of famous celebrities and can cost up to hundreds of dollars.
LVMH stated that the people they hire have no previous experience in making the handbags and are subject to proper training before they start to work on making the products.
With its headquarters in Paris, Louis Vuitton first opened shop in 1859. It was tagged as the world's most valuable brand from 2006-2012 and is valued at $25.9 billion. The luxury company has opened stores in 50 countries with more than 400 stores.
(With inputs from agencies)