the Head of the group of companies Louis Vuitton Moët Hennessy (LVMH) Bernard Arnault poorer by $ 30 billion, his fortune declined by 19 percent. Thus, he lost due crisis more money than anyone else in the world. This writes Bloomberg.
Analysts believe that its flagship brand Louis Vuitton has a margin of 45 percent. But the most fashionable boutiques around the world closed for more than a month, which leads to a loss of profits in the billions of dollars. In the midst of crisis Arnault willing to pay $ 16 billion for the company Tiffany & Co., what will be the largest acquisition in the luxury industry. According to experts, the big profits that bring Arnault, giving him the opportunity not only to survive the crisis and continue to expand.
the Businessman has built a career investing in periods of recession, when its rivals were too weakened by the crisis. LVMH plans to open a Department store Samaritaine in Paris as a center of free trade, the project cost is estimated at one billion dollars. The group of companies wants to build a luxury hotel Cheval Blanc in Los Angeles.
“You can divide the best of the world’s billionaires successful risk managers and a very successful risk managers; Arno was very successful,” said former Chairman of the Americas LVMH Pauline brown.
the Fate of the industry, and with it, and Arno will largely depend on the Chinese market, which accounts for over one third sales of luxury goods and two-thirds of the growth of the sector in recent years. According to financial Director of LVMH Jean-Jacques of Gioni, in China, a growing consumption level after the quarantine.
However, not all businessmen, the crisis brought losses. The richest man in the world, Amazon founder Jeff Bezos in 2020 earned 24 billion dollars on the background of the pandemic coronavirus.
