Bernard Arnault falls to third place on billionaires rich list
October 17, 2023 - Bernard Arnault, founder and CEO of LMVH, has dropped to third place in the league of billionaires as the post-pandemic boom in luxury goods loses steam.
Bernard Arnault has lost his spot as the world’s second-richest person to Amazon’s Jeff Bezos.
Arnault, the founder and CEO of French luxury goods powerhouse LVMH – owner of brands such as Louis Vuitton and Moet & Chandon – has seen his wealth fall by nearly $7 billion in a week, due to softer than expected sales growth.
The slump in Arnault’s fortune reflects sluggish sales bedevilling the luxury goods sector amid cooling demand from inflation-weary western nations and an unstable economic recovery in China.
Arnault is now worth $155bn, just below Bezos’s $156bn – but both a long way behind the world’s richest person, Elon Musk, who is worth $234bn.