Bernard Arnault, Chairman and CEO of the company behind luxury fashion brand Louis Vuitton, became only the third person to see their fortunes cross the $200 billion mark. The record growth in the net worth of the world’s richest man came after shares of the French LVMH luxury goods empire hit an all-time high this week. Arnault, who owns brands like Louis Vuitton, Christian Dior and Moët & Chandon champagne, saw his fortune move up by $2.4bn on Tuesday, April 4, to touch an all-time high of $210 bn, according to updates on Bloomberg Billionaires’ index. With this, he joined the elite club of individuals whose net worth crossed the $200 bn mark. Tesla chief Elon Musk and Amazon founder Jeff Bezos are the other two on this list.
Bernard Arnault’s fortunes have moved up over $ 39 billion this year riding on a 30 per cent growth in LVMH shares amidst rising demand for luxury fashion products, reported The Guardian. LMVH shares have grown over 150 per cent in the past three years, touching an all-time high of €853 or $ 929.16 on April 5. The company’s shares have been rallying following its decision of a €1.5bn or $1.6 billion share buyback.
LMVH recorded a record €79.2bn or $ 86.28 bn (approx) in sales last year, with revenue surpassing €20bn or $ 21.79 bn.
Bernard Arnault is now $25 billion richer than Elon Musk whose net worth has taken a hit after his much-talked-about takeover of social media platform Twitter for $44 bn. Musk also saw a 50 per cent drop in the value of his electric car company Tesla over the past few months.
The French Billionaire is over nearly $ 75 billion richer than Bezos, who was the first person to hit the $200bn milestone in August 2020. The Amazon founder sits third on the list of the world’s richest, with a total net worth of $125 billion.
Bernard Arnault, who co-founded LMVH in 1987, owns half of the shares of the luxury goods empire which also includes brands like Bulgari, Tiffany, Sephora, TAG Heuer and Dom Perignon champagne.
The 77-year-old recently appointed his children to key positions in the LMVH’s management. Arnault’s eldest child Delphine was named the head of Christian Dior, while his son Antoine was promoted to run the holding company that controls LVMH and the family fortune.
The other three children of the world’s richest man have key responsibilities in the management of the brands under LMVH.
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