Connect with us

Bernard Arnault unseats Bill Gates to become world’s second richest man

Bernard Arnault, Google image

General

Bernard Arnault unseats Bill Gates to become world’s second richest man

Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.

The latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Jeff Bezos still retaining first place.

Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

MORE READING!  Isheri killings: Soldiers drag civilian from hospital bed, stab him to death with a bayonet, police say

As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.

The report also states that Gates would have been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.

MORE READING!  Buhari, eminent personalities, to attend Odigie-Oyegun's 80th birthday

The French entrepreneur entered the luxury industry in 1984 when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.

The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.

Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.

MORE READING!  One dead in fatal accident on Lagos-Ibadan Expressway

He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.

Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.

Meanwhile, LVMH, on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier.

(NAN)

Click to comment

More in General

To Top