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
He owns/operates quite a bit more than fashion brands:
*Arnault is a familiar name to many fashion obsessives, as LVMH owns many exalted brands in the industry, including Christian Dior, Celine, Givenchy, Loewe, Fendi, Bulgari, Tiffany & Co., Sephora, and Fenty, briefly, in addition to the aforementioned Louis Vuitton and Moët Hennessy. The company also controls several wine and spirits brands (including Veuve Clicquot, Chandon, and Belvedere) as well as the luxury yacht company and the high-end hotel brands Cheval Blanc and Belmond.*
Luxury yacht company? CHECK
High-end hotel chain? CHECK
Booze companies? CHECK
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