Via Gulf News (they keep an eye on the luxe market), May 24:
The gap between the fortunes of Arnault and Tesla’s Elon Musk, the world’s second-richest person, has shrunk to just $11.4 billion.
Washington: Bernard Arnault, the world’s richest person, had $11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods.
The founder of LVMH - whose offerings include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns - had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.
On Tuesday, he gave back some of those gains. LVMH shares fell 5 per cent in Paris - the most in more than a year - amid a broader decline that erased about $30 billion from the European luxury sector....
....MUCH MORE
- How 16 Cents And A Shift To Real Estate Allowed The Richest Man In The World To Build An Empire Worth Over $200 Billion (LVMH Moët Hennessy Louis Vuitton)
- "Bernard Arnault, Chairman and CEO of Louis Vuitton is currently the world’s richest man, worth around $239 billion...."
- LVMH CEO Bernard Arnault Becomes The Richest Man In World
- Why Is The Richest Man In France Messing Around With SPACs?
- The world's second-richest man, LVMH's Bernard Arnault, sold his private jet after people started tracking it on Twitter: 'No one can see where I go'
So what's the big deal? Louis Vuitton has wallets. Here's one that looks like their original steamer trunks....
And one of my favorite stories, from March 2020:
Having Got the ECB to Buy LVMH Bonds To Finance Tiffany Purchase, Europe’s Richest Man Eyeing London’s Ritz Hotel
Life is easier when the central bank buys your bonds....
