Forget about Bezos or Musk, as the richest man in the world has nothing to do with technology but fashion!
Bernard Arnault, the chairman and CEO of LVMH, the world’s leading luxury products group, became the wealthiest person in the world on Monday. According to Forbes, his net worth reached $186.3 billion, $300 million above Jeff Bezos. Arnault’s fortune jumped significantly in the past 14 months, from $76 billion in March 2020 to the current figures.
LVMH, the luxury group owning brands like Fendi, Givenchy, and Christian Dior, reached a market cap of $320 billion, boosting Arnault’s stake up by more than $600 million. Compared to the same period last year, Louis Vuitton Moët Hennessy group recorded $17 billion, marking a 32% increase. The surge was caused by the “momentum” of shoppers in China.
According to Bloomberg, Bernard Arnault has spent roughly $538 million in recent months to purchase shares of the world’s largest luxury goods maker.
Since the beginning of the year, LVMH stock price went up more than 20%.
Sources: Bloomberg.com, forbes.com