Sunday, December 5, 2021

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Bernard Arnault of Louis Vuitton Overtakes Jeff Bezoz to Become World’s Richest Man

Bernard Arnault of Louis Vuitton has overtaken Jeff Bezoz, owner of biggest online retail platform, Amazon, to become the richest man in the world.

Forbes magazine reports the Bernard Arnault and family, owners of the Louis Vuitton Moet Hennessy (LVMH) -world’s leading fashion luxury goods company, have amassed a net worth of $186.2 billion to snag up the spot of the world’s richest.

Arnault recorded the huge feat by spending $538 million dollars acquiring shares of his own French label brand controlled by him and his family in recent months.

Arnault reported a first quarter revenue
of €14 billion in 2021, which surged by 32% as compared to first quarter of 2020. It was at this time that he overtook the world’s second richest person, Elon Musk — SpaceX and Tesla owner on the Bloomberg index.

Also, in January 2021, LVMH made the largest luxury fashion business deal by acquiring America’s largest jewellery maker Tiffany & Co. for $15.8 million.

The fashion conglomerate recorded a revenue of €44.7 billion in 2020, downfall in sales growth by 17%. The fashion group also witnessed a decline in organic revenue by 16% in 2020, as compared to 2019 due to the serious health crisis which resulted in closure of the group’s stores and manufacturing sites in most countries over a period of several months.

The world’s ultimate taste-maker oversees an empire of 70 brands including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, Givenchy which are independently managed and operated under the LVMH umbrella.

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