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Bernard Arnault, Owner of Louis Vuitton, beats Jeff Bezos; Becomes the Richest Man in the World
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Bernard Arnault, Owner of Louis Vuitton, beats Jeff Bezos; Becomes the Richest Man in the World 

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 Amazon the world’s largest online retail platform according to Forbes.

Bernard Arnault’s shareholdings of its own French brand controlled by him and his family have spent $538 million in recent months. After reporting the first-quarter revenue in 2020 of € 14 billion, which climbed 32% compared to the first quarter of 2020, he had overtaken Elon Musk, the second richest owner in the world.

LVMH also purchased America’s largest joy maker, Tiffany & Co., in January 2021 at a price of $15.8 million, as the biggest luxury fashion business.

The fashion conglomerate recorded a revenue of €44.7 billion in 2020, downfall in sales growth by 17%.

Bernard Arnault

The fashion conglomerate generated €44.7 billion in sales in 2020, a decrease of 17% in sales growth. As a result of the covid crisis which resulted in the shutdown of the company’s shops and manufacturing sites in most countries for several months the fashion Group has also seen organic revenue decline of 16% in 2020 compared to 2019.

The most sophisticated taste maker in the world also supervises 70 brands, including Louis Vuitton and Sephora, Tiffany & Co, StellaMcCartney, Gucci, Christian Dior and Givenchy.

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