French fashion mogul Bernard Arnault today edged out Jeff Bezos to become the richest man in the world as his net worth stood at $ 186.3 billion.
The CEO of Moët Hennessy Louis Vuitton (LVMH) saw his luxury business stock rise 0.4% on Monday in the early hours of trading.
The hike pushed Arnault’s personal stake to over $ 600 million and put LVMH’s market cap at $ 320 billion, according to Forbes.
French fashion mogul Bernard Arnault (pictured), 72, today edged Jeff Bezos to become the richest man in the world after his net worth soared to $ 186.3 billion.
Moët Hennessy Louis Vuitton (LVMH) CEO saw his luxury goods business rise 0.4% (pictured) in the early hours of trading on Monday.
Arnault’s overall net worth soared to $ 186.3 billion, seeing him overtake Amazon CEO Jeff Bezos, who is worth $ 186 billion, by “only” $ 300 million in the world’s richest list .
It comes just days after Arnault pushed $ 147.3 billion worth of Elon Musk out of his spot as the world’s second richest man after Tesla’s share price fell. .
The mind-blowing fortunes at the top of the billionaire list are mostly made up of stocks of stocks, which means their values fluctuate daily with changes in the market.
Arnault, 72, has seen his fortune jump by more than $ 110 million in the past 14 months thanks to his French luxury goods company LVMH, owner of Louis Vuitton, Fendi, Christian Dior and Givenchy.
The rise reportedly saw Arnault’s net worth soar to $ 186.3 billion, placing him $ 300 million above Amazon CEO Jeff Bezos (pictured), who is worth $ 186 billion.
It comes just days after Arnault pushed $ 147.3 billion worth of Elon Musk (pictured) out of his place as the second richest man in the world after the price fell. Tesla share
In January, LVMH closed a huge transaction in the luxury fashion sector after the acquisition of Tiffany & Co., while Arnault then promoted his son to the management of the American jeweler.
Arnault’s fortune has grown from just $ 76 billion in March last year to $ 186.3 billion, as his luxury goods cooperation benefited despite the Covid-19 pandemic.
How Bernard Arnault made his billions
Arnault was born in France into the business world and began his lucrative luxury career in 1971, working for the family-owned real estate company Ferret-Savinel.
He was promoted to president in 1978 and remained in this post until 1984, when he was responsible for the restructuring of the holding company Financière Agache.
In this role, the father of five developed a strategy to develop leading luxury brands, acquiring Christian Dior as the spearhead of the new business.
LVMH was born in 1987 from the merger of Louis Vuitton and champagne producer Moët Hennessy.
In 1989, Arnault became the majority shareholder of Moët Hennessy Louis Vuitton, a role he has held since then.
Its prestigious portfolio includes fashion brands such as Givenchy, Marc Jacobs and FENTY, luxury wines and spirits, and champagne and wine brands, as well as perfumes and cosmetics.
LVHM spent $ 3.2 billion in 2019 on luxury hotel group Belmond and acquired Tiffany & Co. for $ 15.8 million in January.
The company’s website states that the LVHM model is “based on a long-term vision” which “fosters creativity and excellence”.
The company has around 163,000 employees and reported sales of more than $ 58 billion in 2019.
Meanwhile, Elon Musk has relinquished his place as the second richest man in the world after his fortune plummeted from $ 3.16 billion last week to $ 160.6 billion.
The drop marked a 24% drop from its January peak, according to the Bloomberg Billionaire Index.
The increase in Arnault’s fortune comes after the acquisition of Tiffany & Co. for $ 15.8 million in January.
After the purchase, the fashion mogul promoted his son to the jewelry maker’s management team in January.
Alexandre Arnault, 29, left his former role as CEO of Rimowa, which also belongs to LVMH, to become executive vice president of Tiffany & Co., in charge of products and communications.
Alexandre will work under the leadership of Michael Burke, Chairman and CEO of Louis Vuitton, the group’s largest spinner, who will now also chair Tiffany & Co. Anthony Ledru, Director of Louis Vuitton in the United States, will take charge of the jeweler.
Sharing the news on Instagram earlier this year, Alexandre, born in France but fluent in English, wrote: “Humiliated, honored to join @tiffanyandco and delighted to be working with the teams in New York! “
The acquisition of Tiffany & Co. by LVMH follows a bitter legal dispute. LVMH backed off as the COVID-19 pandemic hammered sales of luxury goods, but ultimately renegotiated a reduced purchase price.
Bernard, who has five children from two marriages, has entrusted senior LVMH roles to his four eldest children. The youngest son Jean, 23, is still a student.
Only his daughter Delphine, 45, is director and executive vice-president of Louis Vuitton; the eldest son Antoine, 43, who married Russian model Natalia Vodianova last year, is CEO of Berluti and oversees the image, communication and environment for LVMH; and the third son Frédéric, 26, is CEO of Tag Heuer.
Every date is closely watched for signs that their billionaire father may one day name his successor.
“Bernard Arnault builds a fair process between Arnault siblings by testing them,” said Philippe Pelé-Clamor, assistant professor at HEC Paris business school, in Bloomberg. “It will help them understand if they can lead such a group. “
Bloomberg Billionaire Index Top 10 Richest
1. Bernard Arnault (France) – $ 186.3 billion; CEO of luxury goods company LVMH
2. Jeff Bezos (United States) – $ 186 billion; Founder and CEO of Amazon
3. Elon Musk (United States) – $ 147.3 billion; CEO of Tesla
4. Bill Gates (United States) – $ 142 billion; Founder of Microsoft
5. Mark Zuckerberg (United States) – $ 118 billion; Facebook CEO
6. Warren Buffett (United States) – $ 109 billion; Investor and business tycoon
7. Larry Page (United States) – $ 105 billion; Co-founder of Google, majority shareholder
8. Sergey Brin (United States) – $ 102 billion; Co-founder of Google, majority shareholder
9. Larry Ellison (United States) – $ 91.1 billion; President, CTO and Co-Founder of Software Giant Oracle
dix. Steve Ballmer (United States) – $ 88.7 billion; Former CEO of Microsoft