LVMH’s CEO Is Now The Second Richest Man In The World
A French business magnate, investor, and art collector, Bernard Jean Étienne Arnault is now the second richest man in the world. According to the world’s rich list prepared by Bloomberg, Arnault who is currently the chairman and CEO of luxury giant LVMH, dethroned Microsoft’s, Bill Gates. For a long time, Gates held this title but now takes the third place in the list. Not just Bill gates, Arnault also beat the net worth of Warren Buffett.
A little more on the man himself, the 70-year-old businessman became the largest shareholder of LVMH Moët Hennessy – Louis Vuitton in 1989. He has been the CEO of the company ever since. His net worth surpasses $100 billion, which not only makes him the richest European but also the only man with a fortune of more than $100 billion outside the American continent.
According to the Bloomberg Billionaires Index, Bernard Arnault net worth stands at $106 billion as on July 21, 2019. However, there still holds a 16 billion dollar gap between him and the world’s richest man, Jeff Bezos.
From handbags, perfumes, cosmetics to wine, LVMH houses a variety of luxury products under their portfolio. The most notable brands being Louis Vuitton, Tag Heuer, Bulgari, Givenchy, Marc Jacobs, Christian Dior and Moët & Chandon. According to recent reports submitted by the company, the total revenue from fashion and leather goods is at 18,455 million euros in FY 2018.