BERNARD ARNAULT BRIEFLY BECOMES WORLD’S RICHEST MAN
Don’t write off good old-fashioned fashion just yet. While Jeff Bezos and Elon Musk have been caught up in a space race, and the latter’s been mouthing off about cryptocurrency, Bernard Arnault snuck ahead to become the richest man in the world this week, Eilidh Hargreaves reported for UK’s The Telegraph.
Even as Europe struggles to emerge from the pandemic, the LVMH chief executive’s luxury goods fortune surged from $76 billion in March 2020 to $186.3 billion on Monday, May 24.
The staggering $110-billion rise in his fortune over the past 14 months is partly thanks to LVMH shares soaring on Monday morning, putting the Frenchman just ahead of the two American billionaires.
The battle to be the richest person in the world is no longer a two-horse race between Bezos and Musk. Since Arnault’s coup on Monday morning, Bezos has crept back up into first place on Forbes’ real-time billionaire tracker - but the two in front (worth $189-billion and $188.2-billion, respectively at the time of writing) are cantering away from Musk, who is currently sitting in at $152.4-billion.
The fashion magnate, who counts Givenchy, Christian Dior, Fendi and Loro Piana among his LVMH stable, is having a cracking year by anyone’s standards. In January, he completed the biggest luxury brand acquisition ever, purchasing storied American jeweler Tiffany & Co for $15.8-billion.
LVMH also recorded revenue of $17-billion in the first quarter of 2021, more than 30 percent up on the same period in 2020.
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