This Fashion Tycoon Has Dethroned Amazon Founder Jeff Bezos to Become The World’s Richest Man

Arnault oversees an empire of 70 brands including Louis Vuitton and Sephora.

Written by: India.com News Desk Edited by: Priyanka

Published: May 24, 2021, 11:45 PM IST

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Louis Vuitton owner Bernard Arnault beats Amazon founder Jeff Bezos as the world's richest man.

New Delhi: Bernard Arnault, owner of Louis Vuitton Moet Hennessey (LMVH), world’s leading fashion luxury goods company, has taken over Amazon founder Jeff Bezos as the world’s richest man. Arnault claimed the number one spot on Monday with a net worth of $186.4 billion, beating Bezos whose net worth stands at $186 billion, according to Forbes. Arnault has reportedly added over $47 billion to his net worth so far in 2021.

Last week, the French billionaire ended the day $800 million richer—with a net worth of $186 billion—after the company’s shares closed nearly half a per cent higher in Europe, tying with Bezos for the number one spot. On the other hand, Amazon stock dropped by a little more than 1% on Friday, shaving $2.3 billion from Bezos’ net worth placing both men at the $186 billion-mark.

Arnault oversees an empire of 70 brands including Louis Vuitton and Sephora. He owns a 96.5 per cent stake in Christian Dior, which controls 41 per cent of LVMH. Earlier this year in January, LVMH completed a deal for American jeweler Tiffany & Co for $15.8 billion, believed to be the biggest luxury brand acquisition ever. LVMH spent $3.2 billion in 2019 for luxury hospitality group, Belmond, which owns or manages 46 hotels, trains and river cruises.