San Francisco, Jan 28 (IANS) Bernard Arnault, chairman and CEO of global luxury goods company LVMH, has returned as world’s richest man as Elon Musk lost more than $18 billion in his net worth after Tesla stock nosedived last week, wiping over $73 billion off the company's market value. Tesla CEO Elon Musk endorses India for UNSC permanent seat, calls nation's exclusion 'absurd'Bernard Arnault , the billionaire CEO of luxury goods conglomerate LVMH, which encompasses renowned brands like Louis Vuitton , has surpassed Elon Musk to become the world's wealthiest individual.Forbes magazine reported that Arnault and his family's net worth experienced a remarkable increase to $207.8 billion, marking a $23.6 billion surge on Friday. Gautam Adani secures the 16th spot with a net worth of $75.7 billion.Recently, LVMH reported a 10% increase in fourth-quarter sales, driven by robust demand, especially from Chinese consumers, for its high-end fashion brands such as Louis Vuitton , Dior, and Tiffany. The luxury group's sales for the final quarter amounted to nearly 24 billion euros ($26 billion).The fashion and leather goods division of LVMH, encompassing major labels like Vuitton and Dior, witnessed a 9% sales growth during the quarter, just below the anticipated 10% growth. LVMH also reported sales growth in perfumes, cosmetics, watches, and jewelry, with only the wines and spirits unit experiencing a 4% decline for the full year.During the annual general meeting, the 74-year-old Arnault announced that his sons, Alexandre (31) and Frederic (29), would be proposed to shareholders for inclusion on the board.

Source: Forbes January 29, 2024 01:26 UTC