Bernard Arnault, the world’s richest person, had $US11.2 billion ($16.9 billion) wiped from his fortune in one day.
Bernard Arnault, the world’s richest person, had $US11.2 billion wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods.— whose offerings include Louis Vuitton handbags, Moet & Chandon champagne and Christian Dior gowns — had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.On Tuesday, he gave back some of those gains.
For a growing crowd of investors, LVMH and its French luxury rivals have been to the European stock market what big tech has been to the United States: dominant businesses whose growth holds up even as the economy waxes and wanes. The catalyst for this year’s luxury gains so far was China. Coming out of the world’s strictest lockdowns, Chinese shoppers were splurging on high-end handbags and jewellery.
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