Frenchman Bernard Arnault, CEO of luxury group LVMH and the world's richest man, saw his fortune plummet by $11.2 billion (€10.2 billion) on Tuesday.
Arnault's company is behind some of the world's most influential brands such as Louis Vuitton, Bvlgari, Fendi and Moët & Chandon.
Shares of the LVMH group dropped by 5% on the Paris stock exchange – the biggest drop for the company this year. The market likely contracted over fears that a slowdown in the US economy could curb the demand for luxury goods.
In April, LVMH became the first European business to reach $500 billion (€450 billion) in market capitalisation, largely on the back of a surge in demand in luxury goods from China. The price of one share of the conglomerate exceeded €900 back in April. Now, at the time of writing, it sits at €821.80.
Related News
The LVMH group owns 75 luxury brands across the world in fashion, jewellery, cosmetics and wines and spirits.
Despite this huge loss, Arnault's personal fortune is still estimated to be worth $191.6 billion (€177.7 billion). In this year alone, his wealth grew by €29.5 billion thanks to success on the stock market for LVMH.
