Bernard Arnault links Tiffany layoffs to Meta job cuts during earnings call

Bernard Arnault, CEO of LVMH, discussed recent job cuts at Tiffany & Co. during an earnings call, comparing them to layoffs at Meta. He described laid-off Meta employees as being "promoted outwards" after speaking with Mark Zuckerberg. Arnault stated that Tiffany had to let go of some staff to meet high performance goals. He characterized the brand as a "sleeping beauty" that needed to adapt after LVMH's acquisition in 2021. Meta recently announced another round of layoffs, with internal communications referring to the job losses as "non-regrettable attrition." Other companies, like Amazon, have also used similar language to describe their layoffs.