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Luxury Leader Bernard Arnault Grows Richer
Bernard Arnault is the chairman and CEO of LVMH Moët Hennessy, which is the world’s largest luxury goods company. He is also the richest man in Europe with a net worth of $ 94.1 billion. Bernard Arnault further expanded his existing fortune by adding $ 5.1 billion in October 2019, making his net worth $ 99.6 billion.
The rise in his fortune is all thanks to the strong sales at LVMH Moët Hennessy. The luxury house reported its sales grew by 17 % in the third quarter of 2019.
In 2019, LVMH faced a possible threat of decline in sales due to protests in Hong Kong, which slowed down the economy in China. China is an important hotspot for many luxury brands as it contributes 5 % to 10 % of all global luxury sales, according to money management firm Bernstein Research. Despite the threat, the Paris based luxury house still saw a rise in its sales worldwide, especially in Asia.
According to reports released by LVMH, its sales grew by 12 % in Asia alone. The Company further reported its fashion and leather goods division saw an increase by 19 %, which was led by Louis Vuitton and Christian Dior. It also reported its makeup division did well, especially in China.
The main reason behind LVMH not facing any decrease in its sales is the large number of brands the Company owns. LVMH has over 75 brands under its name, including Louis Vuitton, Versace, Fendi, Bulgari and Dior. Hence, any disruption in sales of any one brand will not affect the Company in any major manner.
This proved beneficial to Bernard Arnault as his fortune is growing with the rising sales of his Company. Arnault became the third richest man in the world in June 2019. His net worth at the time was close to $ 100.4 billion. However, due to a fall in shares, his net worth went below the $ 100 billion mark. Now, with the rise in the sales of his Company, Bernard Arnault once more came closer to the centibillionaire status.
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