- Billionaire Bill Gates is no longer the second-richest man in the world
- The IT expert was unseated by business magnate, Bernard Arnault
- Bernard Arnault is the chairman and CEO of LVMH, the world's largest luxury-goods company
- Bill Gates would have ranked first were it not for the philanthropic acts he carries out
Bill Gates has been unseated as the second-richest man in the world. He lost the seat to Bernard Arnault, the chairman and CEO of LVMH.
According to the News Agency of Nigeria (NAN), this new record was established in the latest ranking by Bloomberg’s Billionaires Index. While Jeff Bezos still retains first place as the world's richest man, Arnault is now in second place.
Briefly.co.za gathered that Arnault and his family are the major owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon and others. LVMH is the world's largest luxury-goods company.
It was reported that LVMH’s share price has soared this year, hence, Arnault’s worth has also increased. It now stands at about $107.6 billion, more than $200 million ahead of Gates. Bloomberg's report stated that Gates would have been ranked the number one richest person, even ahead of Bezos, if not for his philanthropic giveaways.
This is what gave Arnault more room to climb higher. Bernard Arnault, who is a Frenchman, entered the luxury industry in 1984. At the time, he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.
The popular brand, by then, had deteriorated by licensing its name out to companies producing sub-par products. Arnault went all-out to revive it by turning it into a vertically-integrated company that did its own production, distribution and marketing.
The shrewd businessman went on to buy other brands, such as Céline, and in 1988, he engineered the deal that made him the major shareholder of LVMH.
At the moment, Forbes ranks Dior as the world’s largest fashion brand based on sales, profits, assets and market value. In fact, LVMH keeps attracting customers around the world. China is currently its highly profitable frontier.
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