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The owner of Louis Vuitton suddenly became so rich that he ousted Elon Musk

The owner of Louis Vuitton suddenly became so rich that he ousted Elon Musk

January 26, 2024 – 6:15 pm

Bernard Arnault, the billionaire chairman and CEO of luxury conglomerate LVMH, became the world's richest man on Friday, overtaking Elon Musk. Arno and his family's fortune in one day It rose by $23 billion to $206.6 billionWhile Musk can claim 205.7 billion. They are succeeded by Jeff Bezos with a fortune of 181.6 billion.

Where did all this money come from?

LVMH Moet Hennessy Louis Vuitton SA, the world's largest luxury goods maker, increased its profits last year by 8 percent to 15.17 billion euros, and its revenues rose by 9 percent to 86.15 billion euros.

French company According to the data published on its website Revenues increased in all business segments except the alcoholic beverages segment.

A significant increase in demand has also been observed in Europe, Japan and other countries in Asia, partly due to the recovery of international tourism. So-called organic revenue growth, cleaned of exchange rate fluctuations and the effects of corporate takeovers, was 13 percent last year.

  • In LVMH's fashion and leather goods segment, revenues rose 9 percent to about 42.17 billion euros, and organic growth reached 14 percent.
  • Online retail revenues (Sephora, DFS and Le Bon Marche) increased by 20 percent to €17.88 billion and organically by 25 percent.
  • Watch and jewelry sales increased by 3 percent to 10.90 billion euros, and the organic increase was 7 percent.
  • Perfumes and cosmetics revenues rose 7 percent to 8.27 billion euros, or 11 percent.
  • Alcoholic beverage sales fell by 7 percent to 6.60 billion euros, and contracted organically by 4 percent.
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LVMH also announced that it increased its annual dividend per share to 13 euros. Investors reacted positively to the report, with LVMH shares rising 12.7 percent Friday afternoon around 4pm on the Paris Stock Exchange.

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