The richest person in the world, the French bernard arnaultlost 11 billion dollars this Tuesday by lowering the shares of his luxury empire LVMH a 5% in the bag of Paris.
According to Bloombergshares of LVMH – which includes luxury brands such as Louis Vuitton, Moet & Chandon and Christian Dior – fell 5% in Paris.
Edouard Aubinan analyst at Morgan Stanley, believes this occurred when attendees at a luxury conference in Paris watched a performance “relatively more moderate” in the United States, according to information from the First Post media.
LVMH shares fell across Europe on Wednesday. Bloomberg reported that 30,000 million dollars vanished in a negative day that may continue this Wednesday.
Also, analysts at Deutsche Bank AG added that the slowdown in the US is a “growing concern”according to First Post.
Although the rebound in Chinese demand has been one of the main drivers behind the strong sales, investors are likely to be touchy going forward, analysts said.
“The luxury sector remains a crowded long for many investors, with the sector’s premium to the market at historically high levels,” said Matt Garland, an analyst at Deutsche Bank.
Who is Arnault?
arnault tops the online ranking of billionaires compiled by Forbes magazine, with a personal wealth of 176.6 billion dollars. Elon Muskwho has held the top spot among the world’s richest since September 2021, has a net worth of $146.5 billion.
Bernard Arnault oversees the LVMH empire, which has some 70 fashion and cosmetics brands, including Louis Vuitton and Sephora. In January 2021, LVMH acquired the American jeweler Tiffany & Co for USD 15.8 billion, which is considered the largest acquisition of a luxury brand in history.
LVMH shelled out $3.2 billion in 2019 for the Belmond luxury hotel group, which owns or manages 46 hotels, trains and river cruises. And yet his face is not so well known.
Many call him “the silent owner of luxury”. For the discretion of his private life, but the great impact of his fashion companies throughout the planet. Forbes estimates his fortune today at $191.3 billion, just above Musk’s $180.7 billion.
another difficult day
The European stock markets and Wall Street suffer another negative day this Wednesday, while the US government approaches a possible default on its debt.
London, Frankfurt and Paris they recorded a decline of more than 1%, which follows the declines in the Asian markets, Shanghai, Tokyo and Hong Kong.
New York stocks opened negative after House Speaker Kevin McCarthy said of his debt ceiling meeting with Joe Biden: “We haven’t reached an agreement yet.”
As the deadline approaches, nerves are felt on the floor of the New York Stock Exchange, whose opening marked the index in red on both the Dow Jones, the S&P, Nasdaq and Russell.
Keep reading:
Luxury giant LVMH became the first European company to surpass $500 billion in market capitalization
Bernard Arnault leads the new Forbes ranking of the richest in the world: he took more difference than Elon Musk
Source-www.infobae.com