Jeff Bezos, chief executive of e-commerce giant Amazon, recently lost his dazzling title as the world’s richest man, and it was Bernard Arnault, chief executive of luxury goods giant LVMH. Bezos’ net worth fell $761m, or 0.65 per cent of total assets, in the previous session. Although not very large relative to Bezos’s total assets, it is enough to put him out of the world’s richest position.
Bernard Arnott, chief executive of LVMH, is once again the richest man on the planet, Forbes reported. On Friday, Arnott’s net worth rose $1.9 billion as LVMH’s shares edged up 0.7 percent. The Frenchman is currently worth $117 billion, up from $102 billion four months ago. In an interview with Forbes, Mr Arnott said: “If we compare us to Microsoft, we are still very small. This is just the beginning. “
Photo by WiKiMedia
Bernard Arnault’s luxury empire is reported to be a hit in the global market, with products such as Louis Vuitton bags owned by the Moet Hennessy-Louis Vuitton Group, Hennessy Brandy and Don Perrinon Champagne. In 2018, the group’s global sales revenue climbed 10% to 46.8 billion euros.
In addition, the group has cultivated a new customer base among consumers belonging to the so-called “millennialgenerations”, the younger generationborns born between 1980 and 2000. This group of young customers contributes 40 to 50 per cent to sales under the Louis Vuitton brand. As a result, LVMH’s profitability and share price were able to rise, and further boost the value of Arnott’s assets.