LVMH CEO Bernard Arnault's wealth soared to a record high of $210 billion on the same day protestors swarmed the company's headquarters in Paris
Gonzalo Fuentes/Reuters
- LVMH boss Bernard Arnault's fortune soared by $12 billion on Thursday to a record high of $210 billion, per Bloomberg.
- LVMH shares hit a record high in Thursday trade after a strong first-quarter earnings report.
- Demonstrators protesting the French government's pension reforms stormed LVMH's HQ on the same day.
On the day that protestors swarmed LVMH Moët Hennessy Louis Vuitton's, or LVMH's, headquarters in Paris, Bernard Arnault, the company's boss, saw his fortune surge by $12 billion to a record high of $210 billion, according to the Bloomberg Billionaires Index.
Arnault — the world's richest person — derives his wealth from a 97.5% stake in Christian Dior holding company that controls 41.4% of LVMH — which owns fashion brands including Louis Vuitton, Tiffany & Co., and TAG Heuer. On Thursday, LVMH shares price on the Euronext Paris stock exchange hit a record high of 884.50 euros, or $979, before closing 5.7% higher at 883.90 euros a piece. The stock is up nearly 35% so far this year.
He is ahead of Tesla CEO Elon Musk and Amazon founder Jeff Bezos, who are in the second and third spots with $180 billion and $126 billion, respectively. The French tycoon's net worth climbed above $200 billion for the first time ever on April 4, making him the third person ever — after Musk and Bezos — to reach that milestone. Arnault, the chairman and CEO of LVMH, is also the first person outside the US to surpass this level of wealth.
However, the positivity surrounding LVMH's share price was marred when demonstrators protesting the French government's pension reforms stormed the LVMH headquarters. Photos show protestors entering the building, although they stayed just briefly, according to various media reports.
"If you're looking for money to finance pensions, take it from the pockets of billionaires," Fabien Villedieu, a union leader for Sud-Rail, told Reuters. He further told the news agency the protest was "symbolic and peaceful."
LVMH's Arnault has featured frequently in protest slogans and chants, per Reuters on Thursday.
The retail magnate's net worth doubling since the beginning of 2020 amid strong demand for luxury goods as consumers splurged on designer handbags and watches during pandemic lockdowns.
Arnault's wealth is getting a further boost now after Chinese consumers have reemerged from China's three-year-long on-off COVID-19 lockdowns. On Wednesday, LVMH reported revenue growth of 17% to 21 billion euros in the first quarter of 2023 as sales increased across all geographic regions, according to a company presentation. In particular, Asia excluding Japan was "seeing good rebound."
LVMH shares are extending gains on Friday, trading 0.7% higher at 889.90 euros at 9:57 a.m. in Paris.
LVMH did not immediately respond to Insider's request for comment sent outside regular business hours.
from Business Insider https://ift.tt/mrNYRca
No comments