[ad_1]
French billionaire Bernard Arnault, owner of luxury goods brand Louis Vuitton, has succeeded in removing Jeff Bezos from the throne of the world’s richest man again, based on the current Louis Vuitton share price.
The French billionaire’s fortune surpassed that of the founder of Amazon earlier this year.
Arnault, who has been chairman of Louis Vuitton since taking a 44% stake in the brand’s conglomerate in the late 1980s, has a net worth of $ 196 billion on Thursday. Which is more than Jeff Bezos’ net worth of around $ 186 billion, according to Forbes magazine.
Combined with the family business, Arnault now owns 47% of Louis Vuitton, which had a total market value of $ 416 billion on Thursday. The company, which owns brands like Louis Vuitton, Christian Dior, Bulgari, Tag Heuer, Sephora and Hennessy, has seen its share price rise by more than 30% since the start of the year.
Louis Vuitton has seen a recovery since the start of the Covid-19 pandemic, and many of its brands posted record sales and profits in the first half of 2021, with the company posting sales of $ 17.4 billion. dollars in the second quarter, up 14% from pre-pandemic levels.
On the flip side, Amazon’s profit drop of more than 7% last week helped propel Arnault to the top, as Bezos saw his net worth plummet by around $ 14 billion in a single day.
Tesla CEO Elon Musk is ranked third in the world’s richest list, with a fortune exceeding $ 160 billion from his 22.4% stake in Tesla and stakes in his other company, SpaceX.
Source link
