Bernard Arnault, the richest man in the world, lost $11.2 billion of his fortune in one day, due to fears that the US economy will dampen demand for luxury goods.
The founder of LVMH, whose brands include Louis Vuitton, Christian Dior, and many other luxury goods, swelled for most of 2023 as shares of European luxury companies soared. But with the approaching date of running out of US federal funds, and the failure to reach a final agreement regarding the debt ceiling, stocks fell and consumed a large part of the “Arnault” gains, as “LVMH” shares fell by 5 percent in Paris, which is the largest decline in the share in more than a year. Amid a broader downturn that wiped out about $30 billion from the European luxury sector.
Source (Al-Arabiya website, edited)
