Between October 14 and 15, Arnault’s net worth surged from $173 billion to $192 billion. That is a staggering $19 billion overnight gain.
The ups and downs of the luxury market have catapulted Arnault up and down the billionaire list. As the leader of LVMH with a 48% stake in the business, his fortune is largely at the whim of whether consumers are buying up opulent products like Louis Vuitton bags, TAG Heuer watches, and Dom Perignon champagne. But Arnault’s current high of $192 billion isn’t anywhere near his high of $209 billion in January this year.
But Arnault’s bad luck streak has seemingly turned around (for now, at least). For the first time in months, his wealth saw a huge increase this Tuesday, when the business reported a revenue increase of 1% in the third quarter, hitting €18.3 billion ($21.2 billion); LVMH’s first period of growth since the start of its fiscal year. The company’s shares surged by 12%, marking the second-largest market-based increase in the luxury fashion conglomerate’s 38-year history.
While the CEO is currently riding the high of his $19 billion boost, it’ll be difficult for Arnault to claw his way back to the $209 billion peak as researchers project a 3-year slowdown in luxury shopping.
