Cock-a-doodle Doo ! Jeff Bezos is no longer the richest man in the world, he was overtaken by Bernard Arnault. The latter is the majority shareholder and CEO of the LVMH group, which owns brands such as Louis Vuitton, Christian Dior, Tag Heuer , Sephora and Tiffany. LVMH shares have climbed more than 35% in 2021 and even 140% from a low in March 2020 at the start of the pandemic. Last Monday, the fortune of Bernard Arnault was estimated at 186.3 billion dollars, or 300 million more than that of the founder of Amazon.
MarketWatch explains that this rise is undoubtedly linked to the Covid-19 crisis, which had affected the luxury sector in 2020. Since the health situation has improved and the borders reopen, luxury is in great shape. No need to worry about LVMH anymore: the group announced 7.6 billion profit in the first half of 2021, four times more than for the same period in 2020 or 44% more than in the first half of 2019.
Source : macG