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Owner Of Louis Vuitton, Bernard Arnault, Beats Jeff Bezos; Becomes The Richest Man In The World

According to the Forbes magazine, Bernard Arnault and family, who are the owners of the biggest and one of the world’s top leading luxury fashion and goods brand- Louis Vuitton Moet Hennessy (LVMH), have become the world’s richest man, beating the owner and CEO of the largest e-commerce giant Amazon- Jeff Bezos

Just recently, in the past few months, Bernard spent almost $538 million and acquired shares of his own French label brand- Louis Vuitton, which is run and controlled by him and his family. He overtook the world’s second richest man- Elon Musk, the owner of SpaceX and Tesla, when his first quarter revenue was reported €14 billion in 2021, which is an increase by 32% as compared to first quarter of 2020.

Along with this, LVMH also made the biggest luxury fashion business deal when it acquired America’s largest jewellery maker Tiffany & Co. for almost around $15.8 million.

The fashion business company had recorded a revenue of almost €44.7 billion last year in 2020, when it hit by a downfall in sales growth by 17%. The fashion company had also witnessed a decline in its organic revenue by 16% in the same year as well, as compared to the previous year- 2019 because of the critical health crisis which lead to the closure of the group’s stores and manufacturing facilities in most of the countries over a period of several months.

The brand is among the top 70 overseas brands which include Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior and Givenchy, which are individually controlled and managed by the LVMH group.

 

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