{"id":7652,"date":"2022-12-15T10:53:36","date_gmt":"2022-12-15T10:53:36","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=7652"},"modified":"2022-12-15T10:53:44","modified_gmt":"2022-12-15T10:53:44","slug":"who-is-bernard-arnault-the-wolf-in-cashmere-who-now-passes-elon-musk-as-worlds-richest-person","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/who-is-bernard-arnault-the-wolf-in-cashmere-who-now-passes-elon-musk-as-worlds-richest-person\/","title":{"rendered":"Who is Bernard Arnault? The ‘wolf in cashmere’ who now passes Elon Musk as world\u2019s richest person"},"content":{"rendered":"\n

Luxury goods mogul Bernard Arnault is now the richest man in the world, bumping Tesla (TSLA<\/a>) CEO Elon Musk down to the second spot, according to the Bloomberg Billionaires Index<\/a>.<\/p>\n\n\n\n

Arnault, who is chairman and chief executive of Louis Vuitton SE or LVMH (LVMUY<\/a>), has seen more than a $7 billion loss in net worth in 2022 while LVMH stock is off roughly 6.58% during the same time period. It hasn’t been enough to keep him from taking the top spot, though, given that Musk’s net worth has plummeted more than $100 billion in 2022.<\/p>\n\n\n\n

The French businessman has a net worth of $171 billion, which is\u00a0more than 5%<\/a>\u00a0of France’s economy, compared to a net worth $164 billion for Musk.<\/p>\n\n\n\n

Who is Bernard Arnault? The ‘wolf in cashmere’<\/h2>\n\n\n\n

Arnault, who is known as \u201cthe wolf in cashmere<\/a>,\u201d was born in the French city of Roubaix<\/a>.<\/p>\n\n\n\n

He joined his family\u2019s construction business in 1971 and moved to the U.S. in 1981<\/a> when the socialists came to power in France.<\/p>\n\n\n\n

Back then, he was considered a \u201ca little-known real-estate developer trying to expand his venerable French family’s influence in New Rochelle, N.Y,\u201d according to a\u00a0New York Times article from 1989<\/a>. Arnault entered the luxury market in 1984 with an acquisition of a\u00a0near-bankrupt French textile company<\/a>\u00a0that owned Christian Dior.<\/p>\n\n\n\n

He later sold the company\u2019s other businesses and used the money to buy a controlling stake in LVMH, which was at that point a merger between Louis Vuitton and champagne and cognac maker Mo\u00ebt Hennessy.<\/p>\n\n\n\n

Arnault then ousted the Louis Vuitton president and took over, a strategy he repeated over the years. The luxury goods conglomerate owns Louis Vuitton, Christian Dior, Givenchy, Marc Jacobs, and more.<\/p>\n\n\n\n

In January 2021, LVMH\u00a0acquired<\/a>\u00a0jewelry company Tiffany & Co. for $15.8 billion.<\/p>\n\n\n\n

\"Yahoo<\/a><\/figure>\n\n\n\n

Who is Bernard Arnault? The ‘wolf in cashmere’ passes Elon Musk as world\u2019s richest person<\/h1>\n\n\n\n

Adriana Belmonte<\/a> and Aarthi Swaminathan<\/a><\/p>\n\n\n\n

Wed, December 14, 2022 at 7:02 PM<\/p>\n\n\n\n

Luxury goods mogul Bernard Arnault is now the richest man in the world, bumping Tesla (TSLA<\/a>) CEO Elon Musk down to the second spot, according to the Bloomberg Billionaires Index<\/a>.<\/p>\n\n\n\n

Arnault, who is chairman and chief executive of Louis Vuitton SE or LVMH (LVMUY<\/a>), has seen more than a $7 billion loss in net worth in 2022 while LVMH stock is off roughly 6.58% during the same time period. It hasn’t been enough to keep him from taking the top spot, though, given that Musk’s net worth has plummeted more than $100 billion in 2022.<\/p>\n\n\n\n

The French businessman has a net worth of $171 billion, which is more than 5%<\/a> of France’s economy, compared to a net worth $164 billion for Musk.<\/p>\n\n\n\n

\nhttps:\/\/flo.uri.sh\/visualisation\/12170950\/embed?auto=1\n<\/div><\/figure>\n\n\n\n

Who is Bernard Arnault? The ‘wolf in cashmere’<\/h2>\n\n\n\n

Arnault, who is known as \u201cthe wolf in cashmere<\/a>,\u201d was born in the French city of Roubaix<\/a>.<\/p>\n\n\n\n

He joined his family\u2019s construction business in 1971 and moved to the U.S. in 1981<\/a> when the socialists came to power in France.<\/p>\n\n\n\n

Back then, he was considered a \u201ca little-known real-estate developer trying to expand his venerable French family’s influence in New Rochelle, N.Y,\u201d according to a New York Times article from 1989<\/a>.<\/p>\n\n\n\n

Arnault entered the luxury market in 1984 with an acquisition of a near-bankrupt French textile company<\/a> that owned Christian Dior.<\/p>\n\n\n\n

\"French
French luxury group LVMH CEO Bernard Arnault attends an LVMH event in Paris on May 16, 2022. (Photo by Eric PIERMONT\/AFP)<\/figcaption><\/figure>\n\n\n\n

He later sold the company\u2019s other businesses and used the money to buy a controlling stake in LVMH, which was at that point a merger between Louis Vuitton and champagne and cognac maker Mo\u00ebt Hennessy.<\/p>\n\n\n\n

Arnault then ousted the Louis Vuitton president and took over, a strategy he repeated over the years. The luxury goods conglomerate owns Louis Vuitton, Christian Dior, Givenchy, Marc Jacobs, and more.<\/p>\n\n\n\n

In January 2021, LVMH acquired<\/a> jewelry company Tiffany & Co. for $15.8 billion.<\/p>\n\n\n\n

LVMH Mo\u00ebt Hennessy – Louis Vuitton, Soci\u00e9t\u00e9 Europ\u00e9enne (LVMUY)<\/p>\n\n\n\n

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