I was surprised to see Bernard Arnault as the richest man in the world, above Jeff Bezos, Elon Musk, and Bill Gates. He owns an empire of fashion and jewelry brands like LV, Givenchy, Tiffany Co. etc. as well as luxury booze companies like Moet and Hennesey.
How are fashion and jewelry businesses worth more than tech and innovation in the year 2021?
Are there really masses out there spending all there disposable income on 500 dollar t shirts and 6 thousand dollar bags? Flexing on Instagram and popping bottles in the club. I’ve seen the type on Instagram, but I thought surely they must be a minority, and not large enough a market to top giants like Elon Musk and Amazon. I must be really out of the loop.
In: Economics
Because there are plenty of rich people to support the industry?
Also, you might not be at that stage of life yet, but a well fitted wool sports coat is quite comfortable in the cooler weathers. A custom tailored suit is incredibly comfortable. Once your career gets going, it’s not inconceivable to get a few sports coats. I usually wear them to the office even though we’re not that strict on attire.
There really are people with that much disposable income. There’s a good statistic that will probably shock you. In an interview, CEO of Hublot and Swiss watch industry legend, Jean Claude Biver said, “A person buying a $5000-$10000 watch usually waits 10 years to buy another one that expensive. But for someone that spends $100,000 on a watch, the gap is only 6 months to get another one.”
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