In the past month, the French billionaire Bernard Arnault, the CEO of luxury goods conglomerate LVMH, has climbed the ranks of the world’s richest, passing Warren Buffett to become the third-wealthiest person in the world.
His net worth gains are thanks to the success of LVMH, which had year-over-year revenue growth of 16% in the first quarter of 2019, hitting $14.1 billion in sales and beating analysts’ expectations.The growth comes as high-end buyers around the world continue to pick up luxury goods and spirits, despite fears that demand, particularly in China, would slow down.
The company’s fashion and leather goods department, which boasts brands like Christian Dior, Louis Vuitton and Celine, propelled the growth, with organic revenue growth of 15% and $5.76 billion in sales. Louis Vuitton had a particularly good quarter, the company said.
MadelinePBerg
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