Bernard Arnault, owner of Louis Vuitton Moet Hennessy has dethroned Amazon founder Jeff Bezos to become the world’s richest man. The 72 year old Chairman and CEO has net worth estimated at $186.2 billion according to Forbes. Earlier this month, he overtook Tesla’s Elon Musk.
Louis Vuitton Moet Hennessy, one of the world’s leading fashion luxury goods company, reported a 32% yearly surge in revenue to 14 billion euros in the first quarter of 2021. They acquired Tiffany & Co which is America’s largest jewellery maker for $15.8 million. This deal was designed to boost the business of Louis Vuitton.
Bernard Arnault’s LVMH oversees an empire of 70 brands including Givenchy, Guerlain, Marc Jacobs, Sephora, Tiffany $ Co, Emilio Pucci, Fendi, TAG heuer, De Beers, etc. Arnault also owns a 96.5 % stake in Christian Dior.
Arnault entered the luxury goods market in 1984 and took over the bankrupt textile group that owned Christian Dior. He sold all the company’s other businesses to buy a controlling stake in LVMH. He became the majority shareholder of LVMH and became the Chairman and CEO of the company in 1989 and holds this position till date.