In 1998, according to bothsides, Arnault and Armani began to discuss a possible partnership in which the designer would have remained creative director and LVMH would have taken a 20 percent stake in the business.
On the eve of the talks, Mr Obama spoke to Mr Calderon to discuss their "mutual desire to work together for the benefit of the safety and security of citizens on bothsides of our shared border", a US statement said.