Following Meta’s layoffs earlier this month, Arnault, the head of the luxury goods conglomerate that controls brands like Louis Vuitton, Fendi, and Sephora, likened Meta CEO Mark Zuckerberg’s move to let go of low-performing workers to layoffs at Tiffany’s.

Bernard Arnault, in an LVMH earnings call, used a bizarre new term for tech layoffs when referencing a conversation with Meta's Mark Zuckerberg.

The business world has a history of coming up with polite terms to couch unpleasantness. In the past, when it comes to job cuts, CEOs have “let go,” “made redundant,” and “rightsized” staff, among other attempts to avoid saying “laid off” or “fired.

Bernard Arnault lost a spot in the billionaire rankings after LVMH Moet Hennessy posted results that weren’t as strong as some luxury-goods rivals.

There’s a different mood” between the two countries, said the French billionaire. Read more at straitstimes.com.

The luxury goods group headed by Bernard Arnault ends its 2024 financial year with sales of €84.7 billion, down 2% on 2023.