The fortune of the richest man in the world, the owner of the LVMH group, Bernard Arnault, increased by $12 billion on April 13 and currently stands at $210 billion, RBC reports with reference to Bloomberg.
According to the agency, this is a record amount for Arno, as well as the second largest single-day increase in wealth. The second line of the richest people is occupied by businessman Elon Musk with a fortune of $ 180 billion. On April 13, he also earned an “impressive” $ 3.8 billion.
Bloomberg notes that Arno is solidifying his lead over Musk and has already “left the entrepreneur in the dust.”
LVMH (Louis Vuitton Moët Hennessy) is a French multi-industry corporation specializing in the production and sale of premium goods such as fashion, shoes, watches, jewelry, perfumes, cosmetics, alcoholic beverages, bags and more. The corporation owns many popular brands, including not only Louis Vuitton, Moёt and Hennessy, but also Christian Dior, Fendi, Givenchy, Kenzo, Marc Jacobs, Bulgari, Hublot and others. The Arnault family owns 48% of the share capital of LVMH.
Arnaud, 74,’s fortune came after the release of a quarterly report from LVMH, in which the company reported an 18% increase in sales in the apparel and leather goods segment. This was almost twice the consensus forecast of 9%. Commenting on the group’s results, Bloomberg consumer goods analyst Deborah Aitken noted that the success of LVMH’s largest division is providing a solid increase in business margins.
Group revenue in the first quarter jumped by 17% to 21.06 billion euros. Demand for products has grown in all regions. The strongest dynamics was observed in Japan, where sales jumped by 34%. Europe (+24%) and Asia excluding Japan (+14%) follow. LVMH CFO Jean-Jacques Guyoni said growth in China was also double-digit.
Sales of the Selective Retail segment increased by 28% to 3.96 billion euros, of the Perfumery and Cosmetics segment – by 10% to 2.12 billion euros. Sales of watches and jewelry rose by 11% to 2.6 billion euros. Wines and other alcoholic beverages were sold for 1.69 billion euros, which is 3% more than a year ago.
Against this background, LVMH shares rose by 5.7% to a record high in Paris trading (€883), as a result of which the company became one of the ten largest companies in the world with a market capitalization of $491 billion. ,5%.
Source: Rosbalt
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