The owner of the LVMH group of companies, Bernard Arnault, lost $ 11 billion due to the fall in shares of the luxury brand.
The richest man in the world, Bernard Arnault, owner of the Louis Vuitton Moët Hennessy (LVMH) group of companies, lost $11.2 billion in one day due to the collapse of the concern’s shares. Bloomberg reported this.
LVMH shares fell 5% on the Paris-based Euronext exchange during trading on May 23. In total, European luxury goods companies dropped about $30 billion in the session.
According to analysts, their shares are falling amid market fears that the weakening US economy will reduce demand for luxury goods.
LVMH owns luxury brands Louis Vuitton, Moet & Chandon and Christian Dior among others. Throughout the past year, the group’s shares have continued to rise in price – a total increase of 23%.
It will be recalled that in April, Forbes named the owner of LVMH Arno as the richest businessman in 2022. In the same month, he was recognized as the richest person in the world. Arno’s wealth is estimated at $211 billion.
LVMH’s market value exceeds $500 billion. It became the first company in Europe to achieve this mark.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.