As per Forbes’ latest report, Jeff Bezos is no more the richest person in the world. Bernard Arnault and family has occupied the first rank of richest person’s list worldwide, released by Forbes.
Arnault Tops the List of Richest Persons Globally
Bernard Arnault and family are on a record-breaking spree. First, the fashion conglomerate occupied the second richest person position by removing Elon Musk, CEO of Tesla. Now, Jeff Bezos, the founder, and CEO of Amazon has been removed from the top of the richest person list, as per Forbes reports.
Bernard Arnault and family are known for the fashion business. They are ruling the fashion world for the last decade. Recently, Bernard invested $538 million in acquiring shares of the French label brand owned by him.
The fashion conglomerate saw revenue growth of €44.7 billion in 2020, a downfall in sales growth by 17%.
Arnault, the owner of the Louis Vuitton Moet Hennessy (LVMH) — the world’s leading fashion luxury goods company, has crossed $186.2 billion net worth to become the richest person in the world, as reported by Forbes. Jeff Bezos, the owner of retail giant Amazon has been pushed to the second position. But for how long, you never know.
Jeff Bezos has always come back strongly whenever he is pushed down. In January 2021 also, Elon Musk dethroned Jeff Bezos to become the richest person in the world. But the change was volatile. Within few days, Jeff again occupied the first rank.
Dramatic Surge in Arnault Wealth
Arnault’s net worth has surged recently. His firm French Label reported first-quarter revenue of €14 billion in 2021, which surged by 32% as compared to the first quarter of 2020.
Also, in January 2021, LVMH acquired American jewelry maker Tiffany with a whopping deal of $15.8 million.
In 2020, Arnault and family faced huge losses due to covid-19. The fashion firm recorded a decline of 16% in its organic revenue in 2020 when compared with 2019. It was due to the international lockdown after the covid-19 emergency.
Now, things are on track for Arnault business firms. The fashion industry is again booming with a surge in product demand.
Bernard Arnault and Family have a huge business empire of more than 70 brands including Louis Vuitton, Sephora, Tiffany & Co, Stella McCartney, Gucci, Christian Dior, Givenchy which are independently managed and operated under the LVMH umbrella.
