LVMH boss Arnault's wealth plunges steepest among global billionaires
French fashion tycoon Bernard Arnault's net worth has been fallen by 9 per cent to $188 billion amid a decline in China market sales from his company LVMH.
The CEO and chairman of LVMH has lost $19.2bn in net worth, according to the Bloomberg Billionaires Index.
He is now the third richest person in the world behind Tesla boss Elon Musk and Amazon founder Jeff Bezos.
LVHM shares have plunged 14 per cent in the last six months as it struggles amid low demand in the luxury goods sector.
The company posted a 1 per cent year-on-year revenue growth in the second quarter, falling short of analyst’s estimates.
In the Asian market (excluding Japan), LVHM saw a year-on-year revenue fall of 10% in the first six months.
Other luxury brands such as Burberry, Richemont and Kering are also facing challenges in sales.
LVMH is the world's largest luxury company. The company owns 70 fashion and cosmetics brands, such as Sephora, Tiffany & Co, Givenchy, Christian Dior, Dom Perignon, and Moët Hennessy.
Arnault has five children, all of whom work for LVMH. Arnault's goal is to consolidate his family's control over the world's largest luxury empire.
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