How the Table has Turned Around as Louis Vuitton Owner, Bernard Arnault Beats Jeff Bezos And Becomes the Richest Man In The World
Beating the world’s richest man, Bernard Arnault and family, owners of the Louis Vuitton Moet Hennessy (LVMH)
have become the world’s richest with a net worth of $186.2 billion, according to Forbes.
In the recent months, Arnault spent $538 million dollars in acquiring shares of his own French label brand controlled by
him and his family. He had also overtaken the world’s second-richest person Elon Musk after reporting a first-quarter
revenue of €14 billion in 2021, which surged by 32% as compared to the first quarter of 2020.
In January 2021, Louis Vuitton Moet Hennessy (LVMH), made the largest luxury fashion business deal by acquiring
America’s largest jewellery maker Tiffany & Co. for $15.8 million.
However, they recorded 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.
Under the LVHM umbrella, an empire of 70 brands including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney,
Gucci, Christian Dior, Givenchy is independently managed.
How the Table has Turned Around as Louis Vuitton Owner, Bernard Arnault Beats Jeff Bezos And Becomes The Richest Man In The World
By Cynthia N.