In a close race for the top spot for the world’s richest man, Bernard Arnault edged out tech mogul Elon Musk. This Tuesday, the wealthy chairman of Louis Vuitton topped the Forbes list with an estimated value of $188.6 billion.
Bernard Arnault became the richest man on the planet by hours, unseated Elon Musk in the Forbes list
Arnault, 73, of French origin, is the chairman and CEO of luxury giant LVMH, an empire of some 70 fashion and cosmetics brands, including Louis Vuitton, Sephora, Dior and Bulgari.
American jeweler Tiffany & Co has so far been its biggest acquisition of a luxury brand: $15.8 billion. Arnault’s son, Alexandre, is the executive director of products and communications.
In 2019, LVMH spent $3.2 billion in 2019 on the Belmond luxury hotel group, which owns hotels, trains and river cruises.
The CEO is also the heir to his father’s construction fortune: Arnault invested $15 million from that business to buy Christian Dior in 1985.
The businessman has earned the nickname “the silent owner of luxury” for his discretion and privacy in his personal life, while balancing the most famous and impactful luxury brands. He also owns high-end wine and spirits brands such as Moët & Chandon, Hennessy and Dom Pérignon.
“Can you say that 20 years from now people will still be using the iPhone? Maybe not. Maybe we would have a new product or something more innovative. What I can say today is that, 20 years from now, I am quite convinced that people will still be drinking Dom Pérignon,” Arnault once said. (AND)
Photo: EFE
Source: Eluniverso
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