Monday, 9 April 2018

Bernard Arnault is crowned the richest man in fashion.

The LVMH boss is worth an . estimated $70.7 billion

Bernard Arnault is the wealthiest man in fashion, knocking Zara boss Amancio Ortega off the top spot.

According to the Bloomberg Billionaires Index, Arnault - who is the CEO of luxury conglomerate LVMH - is now the fourth richest person in the world and the richest in Europe with an estimated wealth of $70.7 billion (£50 billion). His financial boost comes as Christian Dior posted record sales last week. LVMH also oversees Louis Vuitton, Celine and Givenchy.

In 2017, the company reported record sales of 42.6 billion euros, a 13 percent rise on 2016. Rising demand in the Far East is thought to have helped LVMH, as well as the strength of the euro against the dollar and pound. It has also made big steps in the digital sphere, last year launching its multi-brand luxury shopping platform 24 Sevres, which was the first online destination to stock Celine - considered a big coup among the industry.

By Harper’s Bazaar Staff.
Full story at Harpers Bazaar.

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