THE WHAT LVMH CEO Bernard Arnault has this week topped the Forbes’ world’s richest person list, worth an estimated net $186.3 billion, according to a report by the Financial Times.
THE DETAILS The fashion mogul pipped Jeff Bezos to the top spot by £300 million, with Arnault’s wealth rising by $110 billion over the past 14 months thanks to the stellar performance of LVMH during the pandemic.
Shares in LVMH this week rose 0.4 percent, which increased Arnault’s personal stake by more than $600 million.
THE WHY Luxury fashion has bucked the economic downturn felt during the pandemic, with LVMH having reported a revenue of $17 billion in Q1 2021 – an increase of 32 percent YOY.
The ongoing growth of luxe consumerism is said to have been driven by the ‘momentum’ of Chinese shoppers, according to Jefferies analyst Flavio Cereda.