FORTUNES IN EXCHANGE OF THE WORLD’S RICHEST
The third richest user in the world lost $6 billion of his fortune in just one week. After a disappointing earnings report for luxury fashion LVMH, the fortune of its executive leader, Bernard Arnault, fell to $106.2 billion from $112.1 billion a week ago.
LVMH’s shares plummeted 8% in the week of July 31 after the company revealed On Monday that its business, which includes Louis Vuitton, Fenty and Hennessy, generated about $21.7 billion in sales in the first part of 2020, 27% less than at the same time. 2019. While analysts expected sales to fall so much, LVMH’s profits fell 84 percent to about $615 million, well below analyst estimates. Stocks fell 4% on the Monday after the announcement.
“LVMH has demonstrated exceptional resistance to the severe global fitness crisis in the first part of 2020; our homes have demonstrated remarkable agility in implementing cost adjustment measures and accelerating online sales growth,” 71-year-old Arnault said in a statement. the benefits report. since June, we remain very attentive for the rest of the year.
Despite a sharp uptick in sales in China in the last quarter, the luxury conglomerate attributed its poor functionality to the continued closures of its retail outlets and production sites in other parts of the world and the continued suspension of foreign travel. Sales of the French luxury fashion space Kering were slightly more affected; Parent company Gucci revealed that its half-moment earnings fell by nearly 30% when it released its effects Wednesday, but the shares were controlled to end the week more or less unchanged. The fortunes of the billionaire founder and honorary kering president, Francois Pinault, continued this week; it is worth $38.3 billion and ranks 27th in the world.
Shares in the CAC 40, a French inventory benchmark that includes LVMH and Kering, fell by 3% during the week, while in the U.S., the U.S. S-P 500 rose 2%.
Arnault made his debut using $15 million of his father’s relatively small structure fortune to buy Christian Dior in 1985. Arnault amassed a fortune of $100 billion late last year and started 2020 on a top grade, beating Jeff Bezos to become the richest user. in the world. January, although it turned out to be short-lived. With the fashion industry reeling from coronavirus, Arnault’s drop in net worth since Friday, July 24, was the largest among the world’s billionaires during the week. By contrast, Jeff Bezos, the world’s richest user, was the biggest billionaire winner of the week, adding more than $3 billion to his fortune and finishing Friday at $181 billion, while Amazon’s inventory remains close to his highest records.
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I’m a journalist at Forbes and I’m a journalist in wealth and finance. I graduated from the University of North Carolina at Chapel Hill, where I did a double primary in business journalism.
I’m a journalist at Forbes and I’m a journalist in wealth and finance. I graduated from the University of North Carolina at Chapel Hill, where I majored in business journalism and economics while applying for UNC Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the Personal Los Angeles sector for the Los Angeles Business Journal and writing about North Carolina’s publicly traded corporations for NC Business News Wire. Contact [email protected].