Bernard Arnault, the Chairman and Chief Executive Officer (CEO) of French luxury goods giant LVMH Moet Hennessy Louis Vuitton, topped the world’s billionaires list until September this year.
However, according to the Bloomberg Billionaires Index, after losing $32 billion, he slipped to fifth place. Currently, Bernard Arnault has a net worth of $176 billion.
The top four spots in the Bloomberg Billionaires Index are occupied by Elon Musk, with a net worth of $444 billion; Jeff Bezos, with a net worth of $244 billion; Mark Zuckerberg, with a net worth of $207 billion; and Larry Ellison, with $190 billion net worth.
In the past, Arnault has also claimed the top spot among the world’s richest billionaires before losing the title.
He first became the world’s richest person in August 2021 due to a sharp rise in luxury goods sales in Asia. He subsequently lost the title before reclaiming it in 2022 and 2023.
Arnault regained the top spot in May this year, but the LVMH CEO lost it in September due to a 20 per cent decline in the company’s share value, erasing $54 billion, reported the Hindustan Times.
LVMH’s stock tumbled due to a fall in company revenue.
LVMH’s brands
LVMH owns around 75 brands, including Christian Dior, Bulgari, Givenchy, TAG Heuer, Hublot, Sephora, and Tiffany & Co.
The company’s wines and spirits division includes big names such as Chandon, Château d’Yquem, and Château Cheval Blanc.
The French luxury group recently acquired a historic villa in Cannes, France, for around €50 million ($52.7 million) to showcase its brands during the city’s star-studded festivals, according to a report by Bloomberg. LVMH will use the 12-bedroom property to host exclusive shows and events for its companies, which include Louis Vuitton, Christian Dior and Moet & Chandon, said the report.
LVMH plans to rent out the villa during the summer months when tourists flock to the French Riviera, it added.
