Shares in Kering are down 18 percent this year, and the company's founder, François Pinault, has seen his net worth cut in half in three years.
Robb Report’s Culinary Masters Will Be the Ultimate Weekend for Food Loversis somewhat of an outlier in the luxury sphere this year, and its founding family isn’t too happy about that.on Thursday. Rivals like LVMH and Hermès, meanwhile, have seen their stocks rise: The former has seen gains of 6 percent, while the latter has seen an impressive 20 percent increase. As such, Kering founder François Pinault’s wealth has been cut in half in just three years.
That decline has seen François Pinault’s net worth plummet from $59 billion in August 2021 to $29.4 billion as of Wednesday, according to the Bloomberg Billionaires Index. His family has a 42 percent stake in the company, with 59 percent of the voting rights, which contributes most of the patriarch’s wealth., which makes up more than two-thirds of the conglomerate’s profitability, according to Bloomberg.
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