The net worth of the world’s leading luxury billionaires has taken a substantial hit, collectively losing $28.3 billion due to a decelerating market for high-end goods. This downturn has notably impacted industry giants such as Bernard Arnault, Françoise Bettencourt Meyers, and François Pinault.
Bernard Arnault, the 75-year-old founder of LVMH, has been dethroned from his top spot on the Bloomberg Billionaires Index. Françoise Bettencourt Meyers, the heiress to the L’Oréal fortune, briefly relinquished her title as the world’s richest woman to Alice Walton of Walmart Inc., underscoring the volatility of luxury wealth in the current market.
François Pinault’s net worth has also suffered. Arnault’s wealth decreased by $10.8 billion over the past year, now standing at $197 billion, trailing behind Tesla’s Elon Musk and Amazon’s Jeff Bezos.
LVMH, a conglomerate of 75 brands including Christian Dior, Tiffany & Co., and Hennessy Cognac, reported slower sales growth for fashion and leather goods in the first quarter and an overall decline in Asia, excluding Japan. Related Stories Fashion Moguls Arnault and Ortega gain $5 billion in 1 day World’s richest woman: Francoise Bettencourt , Arnault networth slump $6 billion in 24hrs Bettencourt Meyers’ fortune has dropped by $9.
74 billion to approximately $89.9 billion from a peak of $100 billion. Her stake in L’Oréal, which includes high-end brands like Aesop and Yves Saint Laurent as well as mass-market li.
