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Summary
- The French business tycoon’s fortunes skyrocketed during the pandemic as he kept buying shares in the company since the health crisis broke out some 14 months ago.
- Louis Vuitton, one of the world’s top luxury brands, logged revenue of 14 billion euros, an increase of 32% YoY, in the first quarter of 2021.
- In April, Louis Vuitton had sold around 2.2 million stock holdings in its subsidiary Tod’s SPA, representing about 6.8% of the total shares, to Diego Della Valle.
Bernard Arnault, the chairman of one of the world’s most famous luxury brands Louis Vuitton (EPA: MC), overtook Amazon founder Jeff Bezos as the world’s richest person this week.
The French business tycoon’s fortunes skyrocketed during the pandemic as he kept buying shares in the company since the health crisis broke out some 14 months ago.
Arnault’s personal wealth was valued at US$186.3 billion as the (EPA:MC) stock prices surged this week, unseating Jeff Bezos at US$186 billion.
Their contemporary Elon Musk was the third richest at US$147.3 billion.
The Louis Vuitton chairman had raised his stakes in the company after purchasing shares worth EUR440 million in recent months. He bought them through companies owned by him and his family. Arnault was regularly buying shares over the past 14 months.
In March, he was valued at US$76 billion.
The Luxury Brand’s Allure Brings Customers In Droves
LVMH Moet Hennessy Louis Vuitton SE (EPA:MC), one of the world’s most famous luxury brands, logged revenue of 14 billion euros, an increase of 32% YoY, in the first quarter of 2021.
The wine and spirit section recorded 36% revenue growth YoY, as champagne sales soared 22% and Hennessy cognac about 28%.
Its fashion and leather goods segment saw 52% revenue growth and the perfumes and cosmetics division grew 18% during the period. Income from watches and jewelry sale constituted 35% of the total revenue.
Most of its revenue came from the online business. Income from retail sales dropped 5% YoY. Louis Vuitton has a market cap of about EUR321.981 billion.
The stock is listed on the Euro Stoxx 50 exchange.
Source: Pixabay.
Also Read: Lowe’s Inc. Revenue Soars 77%, Bolstered By Pandemic-Fuelled Demand
Last month, Louis Vuitton had sold around 2.2 million stock holdings in its subsidiary Tod’s SPA, representing around 6.8% of the total shares, to Diego Della Valle.
Also Read: Luxury Retail Stocks Paying Off In 2021
LVMH owns popular brands like Christian Dior and Fendi and operates 2,400 stores globally. In 2020, it clocked a profit of around US$44.650 million.
The stock price of LVMH was around EUR636.70 at 5:39 pm ET on May 25, 2021.
