Stirred up by the pandemic, the word volatility has been trending across all areas of life and business. The Forbes’ Real Time Billionaires rankings, too, are living the sways as this week saw fashion tycoon Bernard Arnault moving past Elon Musk as the world's richest person.
Bernard Arnault, Chairman and CEO of LVMH, has an estimated net worth of US$186.3 billion, while Jeff Bezos and Elon Musk are worth US$186 billion and US$147.3 billion, respectively. LMVH oversees an empire of 70 brands like Louis Vuitton, Sephora, Tiffany & Co, Donna Karen, TAG Heuer, De Beers and Bulgari, to name a few. Despite the pandemic hitting the fashion world hard, LVMH recorded 32% y-o-y revenue growth in Q1 2021. The Wines & Spirits business recorded a 36% increase in revenue in the first quarter of 2021.
Organic revenue of the Fashion & Leather Goods and Perfumes & Cosmetics divisions grew 52% and 18%, respectively, while the Watches & Jewelry business group recorded 35% organic revenue growth. Except for weak numbers in a few segments, the revenue-based performance of the luxury firm superseded the pre-pandemic levels too. Despite the 2020 sales declining for the group, its diversified global presence and broad portfolio of brands helped maintain investor confidence