For one day, Jeff Bezos wasn’t the richest in the world. That was it.
It’s a good time to be rich and an even better time to meet their needs.
Bernard Arnault, Chairman and CEO of luxury giant LVMH Moët Hennessy Louis Vuitton MC,
briefly exceeded when leaving Amazon AMZN,
CEO Jeff Bezos as the richest person in the world, according to Forbes real-time tracker.
Early Tuesday morning, Bezos was back on top with a net worth of $ 188.2 billion, compared to Arnault and his family at $ 187.5 billion. Elon Musk, CEO of electric car maker Tesla TSLA,
was in third place, with $ 152.5 billion.
The fact that Arnault is at the top was a reflection of the soaring LVMH share price, as well as the struggles for tech stocks in 2021 after a sensational 2020. LVMH shares have gained 25% this year, compared to a decline. 0.4% for online retailer Amazon and a 14% drop for Tesla.
LVMH recorded sales growth of 32% in the first quarter, driven by its fashion and leather goods segment. Asia outside of Japan – mainly China – saw organic revenue growth of 86% in the first quarter, and sales in Asia even exceeded the first quarter of 2019 by 26%. Organic sales growth in the United States was also strong, at 23% in the first quarter.
LVMH does not provide information on results during the first and third quarters.
In January, LVMH finalized the acquisition of American luxury goods retailer Tiffany & Co. “It is an iconic house, emblematic of America,” Arnault said at the company’s shareholders meeting in April.
“It’s synonymous with love. And the famous blue box is recognized around the world. I am sure that we will be able to disseminate it even more widely with the determination and the passion that we have displayed over the years for each of our prestigious houses, ”he added.