How the Table has Turned Around as Louis Vuitton Owner, Bernard Arnault Beats Jeff Bezos And Becomes The Richest Man In The World

May 26, 2021

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.

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