Louis Vuitton owner Bernard Arnault surpasses Jeff Bezos again as world's richest person

Bernard Arnault, the chairman and CEO of the French luxury company LVMH Mot Hennessy - Louis Vuitton, surpassed Jeff Bezos as the world's richest person once again after the Amazon founder's net worth fell $13.9 billion in one day. According to CNBC, Arnault, whose subsidiaries consist of high-end fashion companies such as Sephora, Moet & Chandon, and Tiffany & Co., held a net worth at $195.8 billion as of Monday, while Bezos’s stood at $192.6 billion. It is worth mentioning that this isn’t the first time that Arnault has led the list of the world's wealthiest people as in December 2019, January 2020, May 2021, and July 2021, he reached number one. 

Arnault owns a 47.5% share in LVMH, which has a market capitalisation of more than $400 billion. LVMH also owns household names like Fendi, Christian Dior and Givenchy. The luxury French brand has been posting pre-pandemic sales figures in Asia and the USA. The sales of LVMH are reportedly recording a dramatic rise in China as the country’s economy comes out of the lull due to the COVID-19 pandemic. 

Bezos’ Amazon.com, on the other hand, posted weaker-than-expected second-quarter earnings. However, the net worth of Bezos, who holds an 11 per cent share, is still $13 billion more than that of Tesla and SpaceX CEO Elong Musk. Arnault and Bezos have both gained considerable profit throughout the pandemic, as the French business tycoon's wealth grew by nearly $100 billion last year. 

Companies held by LVMH 

Meanwhile, Louis Vuitton Moet Hennessy is one of the world’s leading fashion luxury goods companies that looks after an empire of 70 brands including Guerlain, Marc Jacobs, Sephora, Tiffany & Co. along with a host of jewellery brands, including TAG Heuer, De Beers and Bulgari. Arnault also owns a 96.5 per cent stake in Christian Dior, which controls 41 per cent of LVMH. During Lockdown, LVMH and Arnault had a successful rise in business while several major world companies were struggling. According to Jefferies analyst Flavio Cereda, LVMH recorded revenue of $17 billion for the first quarter of 2021, which is 32% more when compared to the same period in 2020. 

(Image: AP/Twitter)