LVMH Louis Vuitton Moët Hennessy Chairman and CEO Bernard Arnault has made Forbe’s billionaires list, coming in 4th place.
According to an article on The Fashion Law, LVMH Chairman and CEO Bernard Arnault has made Forbe’s billionaires list, coming in 4th place with a net worth of $72 billion. Arnault came in 11th place last year. This comes just after the company acquired Christian Dior for $13 billion.
In January, LVMH, which owns Louis Vuitton, Givenchy, Céline, and more announced that sale increased by 13% to €42.6 billion ($52.78 billion) in 2017. Profits increased by almost 30%.
Last Year, the company also acquired Christian Dior for $13 billion. The company already owned about 74% stake in Christian Dior SE and offered to by the 25.9% of the company it didn’t already own.
Kering, which owns Hermès, Gucci, Saint Laurent, and more may have had the best fiscal year in the company’s history and may own Hermès, one of the most popular and sought after brands in the world, but LVMH still seems to be one of the most successful fashion companies.
Arnault released a statement in which he says the company’s growth is
“due in part to the buoyant environment but above all to the remarkable creative strength of our brands and their ability to constantly reinvent themselves. Continued innovation, entrepreneurial spirit and the quest for excellence: all Maisons continue to assert these core values while maintaining rigorous execution of their strategies on the ground.”
The company owns 70 different brands in fashion, wine and liquor, hotels, and more and its expected to own even more brands as the company as well as Kering are said to be getting ready to make more acquisitions.
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