Golden Financier
  • Investing
  • Stock
  • Latest News
  • Editor’s Pick
  • Economy

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Popular Topics
    • USD/TRY analysis as Goldman Sachs warns on lira carry trade
    • DXY: Will the US dollar index crash as Morgan Stanley predicts?
    • IAG share price forecast as transatlantic demand starts to recover
    • EUR/USD forecast: carry trade emerges ahead of ECB rate cut
    • China’s manufacturing PMI edges up despite ongoing trade tensions
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions
    Golden Financier
    • Investing
    • Stock
    • Latest News
    • Editor’s Pick
    • Economy
    • Stock

    Bernard Arnault surpasses Mark Zuckerberg as world’s 3rd richest, LVMH shares skyrocket 14%

    • October 1, 2024
    • admin

    The luxury sector has seen a recent upturn, propelling Bernard Arnault, the CEO of Louis Vuitton Moët Hennessy (LVMH), to reclaim his position as the third richest person in the world.

    In less than a week, Arnault’s net worth surged by $30 billion, surpassing Meta’s Mark Zuckerberg, according to the Bloomberg Billionaire’s Index.

    The jump in wealth comes amid LVMH’s strategic moves, including its acquisition of a stake in the Italian luxury brand Moncler and China’s recent fiscal stimulus measures aimed at boosting consumer spending.

    LVMH share price spikes 14% following China’s stimulus

    LVMH, which owns luxury brands such as Louis Vuitton, Dior, and Moët & Chandon, experienced a significant recovery in its share price last week.

    The French luxury conglomerate’s stock bounced 14%, from €617.50 to €703.40 ($690.74 to $786.83), in just three days.

    This recovery followed China’s introduction of fiscal stimulus aimed at bolstering consumer spending, a move that significantly impacted luxury markets.

    As a result, Arnault’s fortune grew from $177 billion to $207 billion, making him the third richest individual globally.

    Moncler stake acquisition fuels LVMH’s growth

    LVMH’s stake acquisition in Moncler, valued at 10%, further drove the luxury group’s stock rally.

    The move signals LVMH’s intent to strengthen its influence in the European luxury fashion market. Arnault, who holds a 48% stake in LVMH, directly benefited from the stock surge, further solidifying his wealth.

    This investment has brought optimism to shareholders, although analysts remain cautious about the sector’s long-term prospects.

    Despite LVMH’s recent gains, the luxury market faces uncertainty.

    Wall Street analysts have downgraded LVMH’s outlook from ‘buy’ to ‘neutral’, citing concerns about slowing global demand for luxury goods. According to Bank of America (BofA), “The luxury consumer is all shopped out.”

    This has led to concerns over margin pressures and limited earnings growth for the sector in the coming months.

    US market expected to drive luxury growth in 2025

    While China’s consumer market shows signs of stabilisation, analysts project that the US will account for more than 50% of luxury sector growth by 2025.

    Global tourism and increased demand from the Middle East are expected to contribute to the remaining growth.

    The sector must evolve beyond “quiet luxury” trends, with experts urging brands to reintroduce creativity and innovation in their collections to reignite consumer interest.

    As the former world’s richest man, Bernard Arnault is not expected to settle for third place for long. With a renewed focus on expanding LVMH’s portfolio and positioning the company for further growth, Arnault remains driven to climb the rankings once again.

    Nevertheless, challenges persist for the luxury sector, and Arnault’s fortune may continue to fluctuate based on LVMH’s performance and broader economic conditions.

    The post Bernard Arnault surpasses Mark Zuckerberg as world’s 3rd richest, LVMH shares skyrocket 14% appeared first on Invezz


    admin

    Previous Article
    • Stock

    AbbVie stock analysis: Rinvoq and Skyrizi are big catalysts

    • October 1, 2024
    • admin
    View Post
    Next Article
    • Stock

    Robinhood expands footprint in Europe, introducing crypto transfer features for EU customers

    • October 1, 2024
    • admin
    View Post

      Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


      By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
      Popular Topics
      • USD/TRY analysis as Goldman Sachs warns on lira carry trade
      • DXY: Will the US dollar index crash as Morgan Stanley predicts?
      • IAG share price forecast as transatlantic demand starts to recover
      • EUR/USD forecast: carry trade emerges ahead of ECB rate cut
      • China’s manufacturing PMI edges up despite ongoing trade tensions

      Input your search keywords and press Enter.