Luxury goods company’s owners Bernard Arnault and family, have overtaken online retail platform Amazon’s Jeff Bezos to become the richest. According to Forbes Real-Time Billionaires List, Arnault and family’s net worth stands at $186.4 billion against Bezos whose net worth stands at $186 billion.
French fashion tycoon Arnault and family, owners of the Louis Vuitton Moet Hennessy (LVMH), saw a rise in their wealth by over $765 million due to rise in its stock.
LVMH also owns brands like Fendi, Christian Dior and Givenchy, which saw a rise in market capitalisation after its stock prices increased.
The 72-year-old Bernard and his family are the richest as per the Forbes list and this position was earlier held by Amazon’s Bezos, whose net worth now is at $186.0 billion. Meanwhile, the wealth of third richest Tesla’s Elon Musk is at $147.3 billion.
The company recorded revenue of 14 billion euros for the first quarter of 2021, up 32 per cent compared to the same period in 2020 and up 30 percent on an organic basis. The quarter marks a return to growth after several quarters of decline during 2020, a year that was severely disrupted by the global pandemic. “Organic revenue grew 8 per cent compared to the first quarter of 2019.”