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French President Emmanuel Macron, 44, won a second term on Sunday, which was well received by the French luxury industry.
In the runoff, Macron won with 58.8 percent of the vote, while his far-right opponent Marine Le Pen won 41.2 percent at 9.23 p.m. local time.
Macron said in his victory speech on the website Sunday night. First Lady Brigitte Macron, best known for wearing Louis Vuitton, wore a blue jacket and the brand’s matching pants on Sunday. He has ambitions for France. I know where he wants to go. I will do everything. I hope it is understood. “I have great confidence in him,” she told French television. Balmain creative director Olivier Rousteing and Simon Porte Jacquemus were among those who posted their support on Instagram on Sunday night.
The luxury industry was holding its breath. France accounted for just 5 percent of total luxury spending in 2021, according to Morgan Stanley analyst Edouard Aubin, but the country is home to its heaviest hitters, including LVMH, mother of Louis Vuitton and Dior, and Kering, mother of Saint Laurent and Balenciaga. The French fashion industry accounts for 150 billion euros in direct sales, 1 million jobs and 2.7 percent of the national gross domestic product, according to the Federation of Haute Coutures and Fashion.
Macron’s liberal policy has been largely favored by companies large and small. Industry has praised Macron’s support for vocational training, which is key to the luxury craft. He passed a law in 2020 to help recruit craftsmen – the industry critically needs to hire an additional 20,000 craftsmen annually to maintain demand from luxury American and Chinese consumers. His agenda also boosted notable funding for French fashion startups through the public investment bank BPI, and aid for businesses during the pandemic through a “underemployment” scheme (LVMH, Kering, Chanel, and Hermès did not use it even though many smaller companies did).
For French luxury sales, the image of France is also important. “Emmanuel Macron will graph youth, modernity and international leadership, in France and abroad,” says Mathieu Cheney, partner at the Paris-based research and polling agency. On Saturday, Macron walked along the beach of Le Touquet with his wife Brigitte, wearing a hat, jeans and a hoodie in the colors of the French flag. “His style is very calculated,” says Benjamin Seminauer, a professor at the Institut Français de la Mode, noting that he heavily promotes “Made in France” clothing. His affordable suits fit the post-yellow vest movement in France (populists opposed to the wealthy elite) and in light of inflation and the global context. “However, he has recently donned an expensive Faberge Altruist watch,” adds Simmenauer.
