Bernard Arnault and Amancio Ortega, the powerhouse owners of luxury fashion brands Louis Vuitton and Zara respectively, witnessed a combined gain of $5 billion in a single day, topping Forbes’ list of top gainers at the close of market trading on Thursday, July 11, 2024. According to data, Arnault’s net worth surged by $3.6 billion while Ortega’s increased by $1.
4 billion, attributed to modest increases in the value of their respective company shares. Despite facing significant challenges this year, particularly for Arnault, fashion stocks have shown resilience. Related Stories World’s richest woman: Francoise Bettencourt , Arnault networth slump $6 billion in 24hrs LVMH billionaire, Bernard Arnault buys shares in rival Johann Rupert’s Richemont Arnault’s LVMH Moët Hennessy Louis Vuitton, a conglomerate renowned for its portfolio of 75 prestigious fashion and cosmetics brands, including Louis Vuitton and Sephora, has encountered turbulent times.
This was exacerbated by a surprising election result in France, which adversely impacted LVMH’s stock. On Monday, following the parliamentary elections, LVMH saw its U.S.
-listed shares dip by over 3%, even as the S&P 500 index edged up by 0.1%. The elections resulted in an unexpected outcome, with the leftist New Popular Front securing the majority of seats, creating uncertainty that investors typically dislike.
This electoral surprise initially caused a market reaction, but LVMH shares managed a slight appreciation la.
