- LVMH, the world’s largest maker of luxury goods, brought in a record-breaking $59 billion in revenue in 2019, the company announced this week.
- The company’s chairman and CEO, Bernard Arnault, is the third-richest person in the world, with an estimated net worth of $97.7 billion, according to the Bloomberg Billionaires Index.
- Arnault, 70, was the second-richest person in the world for a time when he briefly surpassed Bill Gates in 2019, CNN reported.
- In November, LVMH finalized a $16.2 billion deal to buy Tiffany & Co. in the company’s largest acquisition ever.
- Four of Arnault’s five children work at LVMH brands that include Louis Vuitton, Rimowa, Berluti, and TAG Heuer.
Chairman and CEO Bernard Arnault is the third-richest person in the world, with a net worth of $97.7 billion, according to Bloomberg. The French businessman is the richest person in the fashion industry.
LVMH is made up of more than 70 companies including Christian Dior, Louis Vuitton, Dom Perignon Champagne, TAG Heuer, and Rimowa. In November, LVMH finalized a $16.2 billion deal to buy Tiffany & Co. in the company’s largest acquisition ever.
Arnault is growing richer at a faster rate than many other billionaires. In 2019, his fortune grew by more than $31.4 billion, according to Bloomberg’s Billionaires Index.
In March 2019, the French billionaire overtook Warren Buffett to become the third-richest person in the world. A few months later, he surpassed Bill Gates to become the world’s second-richest person for a brief period before dropping back to third. And in October, Arnault made $5.1 billion within 48 hours after a surge in share prices of his conglomerate.