The fortune of Bernard Arnault, the chairman and chief executive of LVMH, has soared by USD 5.1 billion since late Wednesday thanks to the strong sales at the world’s largest luxury house. LVMH, which owns 75 brands from Christian Dior to Veuve Clicquot, reported on Wednesday that sales grew 17% in its third quarter, Forbes reported on Thursday.
Its share price has surged 5.6% since Wednesday’s market close, boosting Arnault’s fortune to USD 99.2 billion.
As Forbes writes, the Paris-based conglomerate LVMH reported significant growth across the globe, including Asia, despite the protests in Hong Kong, which accounts for 5% to 10% of global luxury sales, according to money management firm Bernstein Research. LVMH’s sales in Asia, not including Japan, grew by 12% in the quarter.
The company noted that its makeup segment grew rapidly in China and that it had opened its first Sephora store in Hong Kong last month.
He ranks as the world’s third-richest person, behind No. 1 Jeff Bezos, worth USD 107.5 billion, and No. 2 Bill Gates, worth USD 105.1 billion, Forbes writes.
– Product launches now need to be global in order to be successful. That requires higher investment—which gives us an advantage. Creating increasingly desirable new products and selling them worldwide is what LVMH does best – Arnault told Forbes in 2017.