World's Richest Fashion Magnate Earns Over $55bn in Six Months

Luxury and fashion tycoon, Bernard Arnault, has earned $55.5 billion since the start of this year, raising the French billionaire's net worth to $170 billion according to data from the Bloomberg billionaire index.

Bernard Arnault is currently the richest man in Europe and the third wealthiest man in the world. He is the Chief Executive Officer of Moët Hennessy Louis Vuitton (LVMH), the world’s largest luxury goods group, where he holds a 47.5% stake.

The majority of the 72-year-old’s fortune is derived from a 97.5% stake in Christian Dior with the luxury fashion house controlling 41.2% of LVMH, according to Christian Dior’s 2020 annual report.

Bernard Arnault currently holds about $9.43 billion in cash and is known for holding prized artworks that include a collection of modern and contemporary paintings like Pablo Picasso, Damien Hirst, Maurizio Cattelan, Jean-Michel Basquiat, and Andy Warhol.

The French man's present net worth can buy 93.4 million troy ounces of gold or 2.25 billion barrels of crude oil.

LVMH has gained 62 percent in the past year and is currently the most valuable in all of Europe with a market capitalization of 334.4 billion Euros.

The Paris-listed company affirmed its hold on the world’s luxury ecosystem when it completed a deal for American jeweler, Tiffany & Co., for about $15.8 billion, believed to be the largest luxury brand acquisition ever.

The luxury giant is behind drink labels Hennessy cognac and Moët & Chandon Champagne including fashion brands, Christian Dior, Louis Vuitton, Kenzo, and Loewe.

LVMH also recently formed a partnership with Google in developing a new cloud-based artificial intelligence (AI) solution, as the company plans for its inventory optimization and demand forecasting.

The global luxury goods market size was estimated at $316.16 billion in 2019 but sunk deeply in 2020 as a result of the pandemic. According to a report by Fortune Business Insights, the market is projected to grow from $257 billion in 2020 to $352 billion in 2027 at a CAGR of 4.6 percent.