As long as I'm not the richest man in the world, I won't really be happy," Bernard Arnault once said. The day has come. Arnault, the founder and CEO of luxury goods conglomerate LVMH, saw his net worth decline by $54 billion as his company's stock price plummeted by 20%. This dramatic drop in stock brought his net worth down to an estimated $177 billion, positioning him as the fifth richest person in the world, trailing behind Elon Musk, Jeff Bezos, Mark Zuckerberg, and Larry Ellison.
During the first half of 2024, LVMH experienced a slight drop in revenues, with its wine and spirits divisions performing even worse. LVMH's chief financial officer acknowledged the potential impact of geopolitical and macroeconomic factors on consumer behavior, stating, "Maybe the current global situation, be it geopolitical or macroeconomic, doesn't lead people to cheer up and open bottles of champagne. The matter of fact is, is that our volumes are down double digits."
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