According to the Bloomberg Billionaires Index, the assets of a panel of about six luxury entrepreneurs fell by 5% this year, with a total loss of about $24 billion. The loss is concentrated in the high-end industry, because the remainder of the individuals considered in the list of the 500 richest people on the planet saw their wealth grow by 13%, or $1 trillion.
Luxury’s ups and downs
It is also a difficult time for the owners of luxury companies and groups. Their money machines are no longer earning as much as in past years, as stocks go further down, and wealth is evaporating. From January 1, 2024 to Tuesday, July 16, the wealth of the 6 entrepreneurs in question has shrunk by a total of $24 billion. Bernard Arnault, boss of LVMH (photo on the left), is no longer the richest person on Earth. He lost $10.8 billion, and his wealth fell to $196.7 billion. Just as the heiress of L’Oreal, Francoise Bettencourt Meyers is no longer the richest woman in the world, after having lost about 10 billion and now having a total of 90 billion.
Pinault is worse off
Of all the French entrepreneurs who, in addition to the luxury crisis, have had to deal with the uncertainty of the elections in France, François Pinault is the worst off. The founder of Kering, the holding company that owns Gucci, has seen his wealth halve over the past three years to $28 billion, barely a seventh of that of his rival, Arnault. But there are also those, in the same industry, who have seen their personal wealth grow. A few examples? The Wertheimer brothers, owners of Chanel, and South African billionaire Johann Rupert, who heads Richemont.
Photo from archive
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