Wealth of Europe’s Reachest Man Grows by $8B in a Week
The wealth of the owner of Louis Vuitton and Dior, Bernard Arnault, grew by $ 8 billion in a week, which allowed him to become the leader in terms of capital growth among all participants in the Forbes rating. This was facilitated by the increased sales of fashion brands owned by the French, recovering from the crisis.
The luxury market was hit particularly hard early in the year by the coronavirus pandemic, but LVMH, headed by Arnault, showed signs of recovery from the crisis last week, Forbes USA notes. Over the week, LVMH shares gained 6%, significantly outperforming the index of the largest US companies by capitalization, the S&P 500 (during the same period, fell 0.9%) and the Dow Jones Industrial Average (fell 0.5%).
At the same time, the problem period for LVMH has not yet ended, the American Forbes emphasizes. The holding reported a 21% drop in revenue in the first nine months of this year. Its cosmetics, beverages and jewelry businesses reported lower revenues in the third quarter of this year than in the same period last year. At the same time, Fashion, the company’s largest division, grew by 12%, driven hugely by strong sales from the Louis Vuitton and Dior brands.