Europe’s richest man, Bernard Arnault, currently has a net worth of $170 billion according to data from the Bloomberg billionaire index, revealing the French billionaire has earned $55.5 billion since the start of this year, as the global economy recovers relatively from COVID-19.
Bernard Arnault, the world’s third-richest man is the Chief Executive Officer of LVMH, the world’s largest luxury goods group, where he holds a 47.5% stake.
The majority of the French man’s fortune is derived from a 97.5% stake in Christian Dior with the luxury fashion house controlling 41.2% of LVMH, according to Christian Dior’s 2020 annual report.
The CEO of Louis Vuitton Moet Hennessy (LVMH) holds about $9.43 billion in cash.
The fashion king is known for holding prized artworks that includes a collection of modern and contemporary paintings like Pablo Picasso, Damien Hirst, Maurizio Cattelan, Jean-Michel Basquiat, and Andy Warhol.
The 72-year-old billionaire’s present net worth can buy 93.4 million troy ounces of gold or 2.25 billion barrels of crude oil.
Recent price actions reveal the share value of the Paris-listed company rose by 67% a year and is Europe’s most valuable listed company with a market capitalization of 334.4 billion Euros.
Louis Vuitton Moet Hennessy (LVMH) affirmed its hold on the world’s luxury ecosystem when it completed a deal for American jeweller, Tiffany & Co., for about $15.8 billion, believed to be the largest luxury brand acquisition ever.
The luxury giant is behind drink labels Hennessy cognac and Moët & Chandon Champagne including fashion brands, Christian Dior, Louis Vuitton, Kenzo, and Loewe.
The French luxury conglomerate recently formed a partnership with Google in developing a new cloud-based artificial intelligence (AI) solution, as the company plans for its inventory optimization and demand forecasting.
Oba Elegushi of Lagos and his second wife, Hadia, are celebrating their 5th wedding anniversary…
Wema Bank Plc, one of the nation’s oldest commercial banks, will seek shareholders’ approval to raise…
What is the Dollar to Naira Exchange rate at the black market also known as…
The Federal High Court in Warri, Delta State, commenced proceedings on Thursday on a lawsuit involving the…
Elder statesman, Chief Edwin Clark, has told the former Kogi State Governor, Yahaya Bello to…
The Nigerian Police has arrested the alleged mastermind behind the violent assault on the Abuja-Kaduna…