Europe Richest Billionaire, Bernard Arnault Hits $133 Billion in Net Worth
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Bernard Arnault has closed in on Jeff Bezos after his net worth hit $133 billion.
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Retail sectors set the pace in the latest trading session.
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Arnault’s fortune is majorly from his fashion Business.
Bernard Arnault, the chairman of LVMH Moet Hennessy-Louis Vuitton SE, the world’s largest luxury goods company is closing in on Jeff Bezos after reaching a net worth of $133 billion.
Towards the ending of the Friday’s trading session, it was reported that the French billionaire had recorded a net profit of about $4 billion which sees his networth move up to $133 Billion putting Him in the ranks of Jeff Bezos who have a net worth of $139 billion
The chief executive officer of LVMH Moet Hennessy Louis Vuitton, who is also the richest man in Europe now had a net worth of $133 billion which is enough to purchase about 1.12 billion barrels of crude oil and 71.9 million troy ounces.
The latest trading session was led by the retail sectors with reports of Britain’s new stimulus plans supporting risk appetite. The United States Federal Revenue also aided the risk appetite by keeping to its monetary policy tightening script.
The French luxury company whose headquarters is in France had an increase of 23% after recording global sales of $19 billion in the quarter which ended in March.
Still, in the same quarter last year, the company recorded a growth of 86%, an increase which would have been tremendously higher if not for the negative impacts of COVID-19.
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However, due to the protection of the brand from the negativities and problems related to the pandemic, there has been an increase in the number of investors relying on it.
Most of Bernard Arnault’s wealth comes from his fashion business, Christian Dior. From Dior’s 2020 annual report, shares through businesses that are linked to Groupe Familial Arnault are owned by Him.
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