Bernard Arnault, Europe’s richest man has made a career out of investing through downturns when his competitors were too weakened or too skittish to forge ahead. Although his net worth has dwindled more than $30 billion during this current pandemic, his luxury conglomerate LVMH is going ahead with much of its spending plans.
From his office on Avenue Montaigne in Paris, Bernard Arnault is currently spending long hours plotting a post-virus future for his luxury goods empire, LVMH. At 71, the billionaire has lived through several crises, but none quite like this one, with his armada of more than 70 brands — from Dior to Fendi — hit from all sides.
Arnault’s wealth has plunged. With LVMH shares down 19 percent this year, his net worth has shrunk by more than $30 billion — losing more money than any other individual in the world, according to the Bloomberg Billionaires Index. As of May 6, he had lost about as much money as Amazon.com Inc. Chairman Jeff Bezos had gained.
However Arnault remains undeterred and has been heading to his war room every day, where he’s fighting to keep a blockbuster acquisition and a couple of pharaonic real estate projects on track, while holding video calls with deputies as they prepare to reopen factories and boutiques in a virus-shaken world.
