scorecard
  1. Home
  2. international
  3. news
  4. Bernard Arnault, owner of Louis Vuitton, beats Jeff Bezos; becomes the richest man in the world

Bernard Arnault, owner of Louis Vuitton, beats Jeff Bezos; becomes the richest man in the world

Bernard Arnault, owner of Louis Vuitton, beats Jeff Bezos; becomes the richest man in the world
  • Bernard Arnault and family, have become the world’s richest beating Jeff Bezos -- owner of the biggest online retail platform Amazon, according to Forbes.
  • Arnault spent $538 million dollars in recent months acquiring shares of his own French label brand controlled by him and his family.
  • The fashion conglomerate recorded a revenue of €44.7 billion in 2020, downfall in sales growth by 17%.
Bernard Arnault and family, owners of the Louis Vuitton Moet Hennessy (LVMH) -- world’s leading fashion luxury goods company, have become the world’s richest with a net worth of $186.2 billion, beating Jeff Bezos -- owner of the biggest online retail platform Amazon, according to Forbes.

Arnault spent $538 million dollars in recent months acquiring shares of his own French label brand controlled by him and his family. He had overtaken the world’s second richest person Elon Musk -- SpaceX and Tesla owner, after reporting a first quarter revenue of €14 billion in 2021, which surged by 32% as compared to first quarter of 2020.

Also, in January 2021, LVMH made the largest luxury fashion business deal by acquiring America’s largest jewellery maker Tiffany & Co. for $15.8 million.

The fashion conglomerate recorded a 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, as compared to 2019 due to the serious health crisis which resulted in closure of the group’s stores and manufacturing sites in most countries over a period of several months.

The world’s ultimate taste-maker oversees an empire of 70 brands including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, Givenchy which are independently managed and operated under the LVMH umbrella.


SEE ALSO:
Cyclone Yaas may have a shorter lifespan than Amphan, but that doesn’t mean it will be any less destructive
The number of working women in India has been steadily declining, here’s why
Esper, an Android-based development platform, raises $30 million as pandemic accelerates adoption of intelligent devices

READ MORE ARTICLES ON



Popular Right Now



Advertisement