Recent data from the Bloomberg Billionaires Index reveals significant declines in the net worth of several French luxury industry magnates as the global luxury consumption market experiences a notable slowdown. The collective wealth reduction amounts to $58 billion.
LVMH's Chairman, Bernard Arnault, has seen his net worth shrink by approximately $26 billion since the beginning of the year, marking the largest individual asset loss among the world's 500 wealthiest individuals. This loss has led to his ranking dropping from first to fifth place.
According to Fashion Business News, LVMH (ticker: LVMUY) reported a 2% decline in overall revenue for the first three quarters of the year, totaling €60.75 billion, which fell short of analysts' expectations. Particularly, in the third quarter, LVMH's revenue decreased by 4.4%, reaching €19.07 billion, considerably below the Visible Alpha analysts' forecast of €20.01 billion. This quarter marked the group's weakest performance in nearly three years.
The downturn in the global luxury market has significantly impacted the fortunes of leading industry figures. Alongside Bernard Arnault, luxury giants such as L'Oreal heir Francoise Bettencourt Meyers and Kering (previously known as Pinault-Printemps-Redoute) founder Francois Pinault have also experienced substantial wealth reductions.
