LVMH’s recent stock performance propels Bernard Arnault to the world’s 3rd richest, ahead of Warren Buffett by MadelinePBerg
In the past month, the French billionaire Bernard Arnault, the CEO of luxury goods conglomerate LVMH, has climbed the ranks of the world’s richest, passing Warren Buffett to become the third wealthiest person in the world.
His net worth gains are thanks to the success of LVMH, which had year-over-year revenue growth of 16% in the first quarter of 2019, hitting $14.1 billion in sales and beating analysts’ expectations.The growth comes as high end buyers around the world continue to pick up luxury goods and spirits, despite fears that demand, particularly in China, would slow down.
The company’s fashion and leather goods department, which boasts brands like Christian Dior, Louis Vuitton and Celine, propelled the growth, with organic revenue growth of 15% and $5.76 billion in sales. Louis Vuitton had a particularly good quarter, the company said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
MacKenzie Bezos’s $36 billion in Amazon stock in divorce settlement makes her world’s fourth-richest womanShe is receiving 25% of stock jointly held with spouse Jeff Bezos, making her one of few female billionaires.
Read more »
MacKenzie Bezos’s $36 billion in Amazon stock from divorce settlement makes her world’s fourth-richest womanShe is receiving 25% of stock jointly held with spouse Jeff Bezos, making her one of few female billionaires.
Read more »
Meet the family worth more than Jeff Bezos, Warren Buffett or Bill GatesWith a collective net worth of nearly $175 billion, the Walton family is the richest in the world via CNBCMakeIt
Read more »
Watch the full CNBC original documentary on Warren BuffettThis CNBC original documentary takes viewers inside the story of Warren Buffett's extraordinary success. With a blend of wisdom and common sense, Buffett is more than just one of the most successful investors in American history. He's also a teacher who has had a tremendous influence on people around the world. Correspondent Becky Quick profiles Buffett and some of the many people whose lives have been influenced, and even changed, by his investment advice and life lessons. Some are famous, and others unknown – everyday folks, some running small ventures, who feel a connection to one of the wealthiest people on the planet. Quick meets a young man who attributes his recovery from an opioid addiction in part to Buffett's principles of ethics and integrity, and profiles NFL superstar Ndamukong Suh, who has been mentored by Buffett as he pursues business interests he hopes will carry him beyond his pro football career.
Read more »
Warren Buffett urges Wells Fargo to look beyond Wall Street for next CEO: FTWarren Buffett, Wells Fargo & Co's largest shareholder, urged the bank to l...
Read more »
Warren Buffett says Wells Fargo's next CEO 'probably shouldn’t come from JPMorgan or Goldman Sachs'Warren Buffett, Wells Fargo's biggest shareholder, says the bank's next CEO shouldn't be a Wall Street executive.
Read more »
Oil prices spike; Tech pressure; Warren Buffett's tip for Wells FargoToday’s top business headlines with ChristineRomans before the opening bell: - Kudlow: Trump's tariff threat a 'warning' - Major averages rise in the first quarter - Weak first quarter earnings expected - Netflix teases possible Beyoncé documentary
Read more »
Warren Buffett has weighed in on what kind of CEO Wells Fargo should hireWarren Buffett, Wells Fargo's largest and most powerful shareholder, doesn't want the troubled bank to hire a CEO from Wall Street.
Read more »
Here's what Warren Buffett's next big acquisition could be, according to Credit Suisse analysisWarren Buffett's hunt for his next 'elephant-sized' acquisition could be Target, CarMax or Moody's, according to Credit Suisse.
Read more »
Warren Buffett rejected this entrepreneur’s dinner invitation — but gave her 3 pieces of adviceWarren Buffett rejected this entrepreneur’s dinner invitation — but gave her 3 pieces of advice. via CNBCMakeIt
Read more »