The fortune of the founder of LVMH, the luxury fashion empire with famous brands such as Louis Vuitton, Moet & Chandon Champagne and Christian Dior, has increased by $ 29.5 billion since the beginning of 2023 as demand for luxury goods in Europe recovered after the pandemic.
However, on May 23, the world's richest billionaire witnessed the biggest "loss" in nearly half a year, as LVMH shares fell 5% in Paris. This is the biggest drop of this stock in more than a year.
The drop did not affect Mr. Arnault’s position on the Bloomberg Billionaires Index. He remains the world’s richest person with a net worth of $191.6 billion. His fortune first topped $200 billion in early April.
In April 2023, the French luxury goods tycoon became the third person in history to amass an estimated fortune of over $200 billion, after Elon Musk and Jeff Bezos. Photo: Drapers
The gap between him and billionaire Elon Musk, who is in second place, has narrowed to just $11.4 billion.
Luxury investors are increasingly worried about a possible slowdown in U.S. spending, sending European luxury stocks tumbling on May 23, wiping nearly $30 billion from the sector’s market value.
Before the sell-off on May 23, luxury stocks were off to a strong start, moving higher on expectations of a surge in sales after China reopened its economy .
LVMH shares are still up 25% year to date despite a drop on May 23. The fashion, champagne and cognac conglomerate recently became the first European company to reach a valuation of $500 billion.
Nguyen Tuyet (According to Bloomberg, Business Insider)
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