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Louis Vuitton owner Bernard Arnault overthrows Jeff Bezos to become the richest man on earth

Louis Vuitton owner Bernard Arnault overthrows Jeff Bezos to become the richest man on earth

As the owner of over 70 brands, Bernard Arnault includes Louis Vuitton and Sephora. Christian Dior, which controls 41 percent of LVMH, is owned by him to the tune of 96.5 percent.
Bernard Arnault, Louis Vuitton Moet Hennessey (LMVH), is the world’s richest man, surpassing Amazon founder Jeff Bezos. Forbes reports that Arnault beat Bezos, who has a net worth of $186 billion, to the top spot with a net worth of $186.4 billion. So far, in 2021, Arnault has increased his net worth by over $47 billion.

What does LVMH stand for?

LVMH Moët Hennessy Louis Vuitton.

How rich is the owner of Louis Vuitton?

A day earlier, the French billionaire ended the day with an additional $800 million in wealth-which gives him a net worth of $186 billion. This boost came after the company’s shares closed nearly 50 points higher in Europe, tying Bezos for the top spot. Amazon stock fell by roughly 1% on Friday, reducing Bezos’ net worth by $2.3 billion, bringing their combined net worth to $186 billion.

What does Bernard Arnault own?

In addition to Louis Vuitton and Sephora, Arnault owns 70 brands. LVMH owns 41 percent of Christian Dior, which he controls with a 96.5 percent stake. A 15 billion dollar acquisition of Tiffany & Co by LVMH took place in January, considered to be the largest acquisition of a luxury brand to date. In 2019, LVMH invested $3.2 billion in luxury hospitality group Belmond, which owns or operates 46 hotels, trains, and river cruises.

Who is bernard arnault?

In 1949, he was born in Roubaix, France’s third-largest city. At a prestigious school like Ecole Polytechnique, he studied engineering. A small fortune in construction was amassed by Arnault’s father, according to the unfamiliar. He bought Christian Dior in 1985 with $15 million from this business.
French entrepreneur Bernard Arnault acquired a majority stake in LVMH Mot Hennessy – Louis Vuitton, establishing one of the world’s leading luxury goods companies. In the LVMH empire, Arnault’s children work in four of its corners: Frédéric, Delphine, Antoine, and Alexandre.
It is worth adding that LVMH posted a record $16.7 billion in revenues in the first quarter of 2021. In the month since the market rout began in early March 2012, Arnault has grown more than $100 billion richer as LVMH’s recovery from the pandemic’s impact on the fashion industry. Arnault was worth $76 billion on Forbes’ 2020 billionaires list, calculated using stock prices from mid-March 2020.

As an additional point of interest, LVMH posted $16.7 billion in revenue in the first quarter of 2021. Since the depths of the market slump in March last year, Arnault has gone from being a billionaire to $100 billion richer because of LVMH’s recovery from the pandemic’s impact on the fashion industry. Based on mid-March 2020 stock prices, Forbes’ list of billionaires estimated that Arnault was worth 76 billion dollars.

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