June 14, 2024

Bernard Arnault was briefly the richest man in the world

Bernard Arnault was briefly the richest man in the world

JEveryone will be “famous for 15 minutes” – so Andy Warhol once predicted the democratization of the star system and the future of the media community. French luxury mogul Bernard Arnault is best known for being the lead owner and CEO of the world’s largest luxury company, LVMH, but at the start of the week he was also the richest man in the world, at least temporarily. Forbes magazine, known for its ratings, reported that Arnault briefly owned more assets than Amazon founder Jeff Bezos at the start of Monday afternoon: $ 186.3 billion for Arnaud compared to $ 186 billion for Bezos. Things turned around, but the only European rise far and wide amid tech founders such as Bezos, Bill Gates and Mark Zuckerberg is definitely noteworthy.

Warhol might not have had managers like the 72-year-old Frenchman in mind when faced with his prophecy of celebrities in 1968. However, it’s not in vain to mention the two at the same time. Arnault, also an aspiring art collector, once called Andy Warhol “the most emblematic artist of the twentieth century.” Eight works by the inventor of Pop Art adorn the collection of the Louis Vuitton Foundation in Bois de Boulogne in Paris. Arnault liked to have one of his Warhol handbags – just like Jeff Koons and Richard Prince or Takashi Murakami. “Good work is the best art,” in a sentence like Andy Warhol, the two might have agreed.

However, it is also possible that Arnault’s jump to the top of the richest people isn’t just a short-lived phenomenon. Behind the seemingly unstoppable rise of luxury goods manufacturer LVMH, which owns 75 brands. Leather bags by Louis Vuitton and fashion items from Dior make up the main roles in the collection, along with watches, jewelry, spirits, wine and champagne. LVMH has managed to give a noble and still democratic look to its goods through global distribution.

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His thirst does not quench

Not everyone can be famous for just 15 minutes, but now they can also count on the luxury class. Arnault refuted the old rule that exclusive goods should be scarce. His $ 1 billion investment in marketing and communications each year ensure customers give in to the false belief that they own something rare. The pandemic has slowed but not stopped the victorious progress of the luxury goods manufacturers, which is not just benefiting LVMH. When stores were closed, customers ordered online.