LVMH’s boss, Bernard Arnault, who now dominates Forbes’ global billionaire list, is believed to agree with this.
“I hope the economic tension can ease and we can continue to have strong economic cooperation with China.”
Prior to this, China decided to investigate the alleged dumping practices of EU cognac producers. In January of this year, LVMH, which owns Hennessy Cognac, stated that it is cooperating with China to conduct an investigation. The outside world believes that this is China’s retaliation against the EU’s announcement of a countervailing investigation against Chinese electric vehicles last year.
According to Reuters, the French cosmetics industry also hopes that the meeting between the Chinese and French heads of state can help minimize the impact of China’s new import regulations requiring the sharing of formulas and production technology on French companies.
France is a leading global exporter of cosmetics, exporting nearly 2 billion euros of cosmetics and skincare products to China last year, second only in importance to aviation products.
Starting from May 2025, cosmetics exporters will be required to share detailed information on their production processes with Beijing and allow Chinese inspectors to enter their factories.
