Bill Gates has been unseated as the second richest man in the world. He lost the seat to Bernard Arnault, the chairman and CEO of LVMH.
According to the Bloomberg Billionaire Index, this new record was established in the latest ranking by Bloomberg’s Billionaires Index. While Jeff Bezos still retains first place as world’s richest man, Arnault is now in second place.
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Arnault and his family are the major owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others. LVMH is the world’s largest luxury-good company.
It was reported that LVMH’s share price has soared in 2019, hence, Arnault’s worth has also increased. It now stands at about $107.6 billion, more than $200 million ahead of Gates. Bloomberg’s report stated that Gates would have been ranked the number one richest person, even ahead of Bezos, if not for his philanthropic giveaways.
This is what gave Arnault more room to climb higher. Bernard Arnault, who is a Frenchman, entered the luxury industry in 1984. At the time, he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.
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The popular brand, by then, had deteriorated by licensing its name out to companies producing sub-par products. Arnault went all out to revive it by turning it into a vertically integrated company that did its own production, distribution, and marketing.
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The shrewd businessman went on to buy other brands, such as Céline, and in 1988, he engineered the deal that made him the major shareholder of LVMH.
At the moment, Forbes ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value. In fact, LVMH keeps attracting customers around the world. China is currently its highly profitable frontier.
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