The chairman and chief executive of LVMH, the world’s largest luxury goods company, saw his fortune jump over $110 billion in the past 14 months, thanks to a pandemic-defying performance by his group.
The boom comes shortly after LVMH posted its impressive first-quarter revenues, which exceeded those achieved even before the wrath of Covid-19. The company netted roughly $16.7 billion in the first three months of 2021— a 32 percent rise from 2020 —thanks to surging sales in the US and China, as well as a strong performance in the fashion and leather goods category.
LVMH is the parent company behind a number of globally recognised luxury brands including: Christian Dior, Louis Vuitton, Fendi, Stella McCartney, and Moet Hennessey. In January of this year, the company completed a deal to buy American jewellery house Tiffany & Co. for $15.8 billion. It is believed to be the biggest luxury brand acquisition ever.
Arnault, 72, maneuvered his way into a controlling stake of LVMH in the late 1980s, in a saga that earned him the nickname ‘the wolf in cashmere.’ He has been instrumental in transforming the French behemoth into what it is today.