Bill Gates Has Lost World’s Second Richest Position To This Man (Photo)

Posted by E.L.E.X on July 19 2019 under Motivational









Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.

The News Agency of Nigeria reports that in the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Jeff Bezos still retaining the first place.

Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.

The report also stated that Gates would had been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.

The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.

The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.

Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.

He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.

Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.

Meanwhile, LVMH on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier.




YOU MAY ALSO LIKE

Related Posts Pictures

UNBELIEVIABLE!!! Teenager Who Didn’t Know She Was Pregnant Until She Was In Labour, Gives Birth At 17

Related Posts Pictures

DEAR LADIES! This Is The First Thing To Ask If A Guy Seeks To Have A Relationship With You

Related Posts Pictures

FUNNY!!! Man Vows Not To Pay For Food After Eating At A Restaurant, Says The Fish Was Not Prepared That Day (Watch Video)

Related Posts Pictures

STORY STORY!!! “First Joke Of The Year” (A Must Read)

Related Posts Pictures

How My Waist Beads Saved Me From Rape In Lebanon: Gloria Tayelolu

Comments


Add Comment

All fields are required!








Contact Us Picture

Are you interested in Advert placement | Promoting your Music or Video | Other Enquiries? We are always available to get that done for you without breaking a sweat. Send us a mail @ elextechnologies4@gmail.com | Call us @ 08132021949 | Message us via whatsapp @ 08132021949