Friday, December 23, 2022

"Lord of the Logos"


73-year-old French billionaire Bernard Arnault, according to analysts at Forbes, is now the World's richest person. On December 20, they estimated Arnault's fortune to be $180.2 billion (€169.8 billion), which is nearly $17 billion more than Elon Musk's.

Arnault is co-founder, chairman and CEO of LVMH Moet Hennessy Louis Vuitton, commonly called LVMH. His holding company is its largest stockholder and has a majority of voting rights in the publicly traded company. 

LVMH is a Paris-based conglomerate made up of 75 separate brands of mostly drinks, high-end fashion and cosmetics. In 2021, it brought in revenues of €64.2 ($68.2 billion) billion, 20% more than in 2019. Fashion and leather goods accounted for 48% of revenue. The company — the largest luxury firm in the world — has over 175,000 employees and 5,500 stores. In November 2022, its market value was around €371 billion, according to Statista calculations, making it one of the most valuable companies in the world — ahead of Mastercard, Chevron and Nestle.

Bernard Arnault: The new richest man in the world – DW – 12/20/2022

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