On Tuesday, he gave back some of those gains. LVMH shares fell 5% in Paris — the most in more than a year — amid a broader decline that erased about US$30 billion from the European luxury sector.
Bernard Arnault, the world’s richest person, had US$11.2 billion ($15.11 billion) wiped from his fortune in one day over concerns that a softening US economy will dampen demand for luxury goods.
The founder of LVMH — whose offerings include Louis Vuitton handbags, Moet & Chandon Champagne and Christian Dior gowns — had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.
