This Thursday the Actions of the luxury firm LVMH soared in after the presentation of his results, in which he reported a 17% increase in sales in the first quarter of 2023.
This made bernard arnaultfounder, president and CEO of the group, established himself as the richest person in the world and increase his advantage over Elon Muskwhich ranks second.
The 74-year-old French tycoon saw how on Thursday his fortune shot up by 12,000 million dollars to almost 210,000 million dollarsa record and his second-biggest single-day rise, according to the Bloomberg Billionaires Index.
Musk’s current fortune is 180,000 million dollars.
arnault He had positioned himself as the richest man in the world according to the index prepared by Forbes magazine. In 2022, Arnault ranked third in the annual ranking dominated by Elon Musk and Jeff Bezos. But last December, the French billionaire dethroned them, becoming with his family the world’s greatest fortune according to the “real-time” classification established by the magazine, based on stock prices and exchange rates.
The relatively discreet arnaultwhose family owns 48% of the share capital of LVMH, joined Musk and Jeff Bezos from Amazon.com earlier this month as the only people whose wealth exceeded $200 billion. He is the first person outside the United States to achieve this success, collects The Strait Times.
LVMH’s strong performance was fueled by Chinese shoppers splurging on expensive products after emerging from pandemic lockdowns. The company posted growth across all regions, even with a “little slowdown” in the US.
In the week, LVMH shares grew 7.43%. In the field of perfumes and cosmetics, it owns brands such as Parfums Christian Dior, Parfums Givenchy Guerlain, Benefit Cosmetics, Fresh and Make Up For Ever, among others. In the watches and jewelry sector, it owns the brands TAG Heuer, Hublo, Zenith, Bulgari, Chaumet and Fred, among others.
Source: Ambito
