LVMH’s sales show luxury is still in fashion
LVMH CEO Bernard Arnault, Europe’s richest man, got another boost from LVMH shares with his fortune increasing by more than $19bn in 2019
Paris/Geneva — Bernard Arnault, CEO of LVMH, Europe’s richest man, got another boost as LVMH shares reached a record due to better-than-expected sales of Louis Vuitton handbags and leather goods. The Frenchman, whose fortune has increased by more than $19bn in 2019, is rubbing shoulders with Bill Gates and Warren Buffett in the Bloomberg Billionaires Index, with a net worth of more than $87bn. LVMH shares rose as much as 4% on Thursday to €342.80, the highest level since the stock was listed in October 1989, propelling the company’s market value close to $200bn. The luxury conglomerate’s first-quarter sales report showed its strategy of tapping hip new design talents, such as Virgil Abloh, has re-ignited interest in its biggest brands. Arnault has been gradually advancing through the ranks of Europe’s billionaires, surpassing Inditex founder Amancio Ortega and L’Oréal’s Françoise Bettencourt Meyers, the richest woman on the planet. His wealth has again moved past that of Buffett, th...
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