Bernard Arnault, Chairman, and CEO of French luxury fashion retail chain Luis Vuitton Moet Hennessy or LVMH, has become the richest man in the world with an estimated net worth of $186.3 billion on Monday.
Arnault witnessed a massive $110 billion increase in his net worth in the last 14 months putting him $300 million above Amazon (AMZN) head Jeff Bezos and $39 billion ahead of SpaceX and Tesla (TSLA) owner Elon Musk. The growth was driven by a strong performance by his luxury group LVMH even during the pandemic period.
LVMH, which owns designer brands such as Fendi, Cristian Dior, and Givenchy, saw a 0.04% rise in stock after the market opened on Monday, helping Arnault’s value to rise by $600 million. Much like the other luxury fashion chains like Chanel, Kering Group, and L’Oreal who have doubled their fortunes in the same period of time, LVMH has also increased its market cap to $320 billion.
LVMH group completed the acquisition of American jewelry manufacturer Tiffany & Co for $15.8 million in January 2021. The conglomerate, which owns more than seventy fashion brands also reported $14 billion in revenues in the first quarter of the year.
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