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Louis Vuitton owner stated the impossibility of the EU to wage a trade war with the US
The European Union is unable to wage a trade war with the United States amid a general decline in profits in the fashion industry. This was reported on July 24 by Le Figaro, citing Bernard Arnault, the owner of the Louis Vuitton brand.
"Under the influence of trade wars between Europe, China, the US and the EU, the company is experiencing difficulties in these two strategic markets," the article states.
According to the publication, Louis Vuitton's sales fell by 3% in the first half of the year, and its operating profit by 15%. Although this indicator still meets market expectations, its decline is associated with trade wars around the world.
Earlier, the Financial Times reported that US President Donald Trump intends to tighten the trade deal with the European Union.
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