Two of the fashion and luxury industry’s wealthiest figures, Bernard Arnault and Françoise Bettencourt Meyers, have added a combined $10.4 billion to their net worths.
This surge, reported by Forbes’ real-time billionaire index, highlights the ongoing strength of luxury markets.
Arnault, the chairman and CEO of LVMH Moët Hennessy Louis Vuitton, saw his net worth rise by $8.2 billion, accounting for the majority of the increase. Bettencourt Meyers, the heiress to the L’Oréal fortune and the world’s second-richest woman, experienced a $2.2 billion boost in her net worth.
As a result of this increase, the combined wealth of the two fashion titans now stands at $263.9 billion, with Arnault valued at $176.7 billion and Bettencourt Meyers at $87.2 billion. The sharp rise in their fortunes coincided with significant gains in their respective companies’ stock prices.
What to know
LVMH shares jumped 4.45%, closing at €621.60 per share. LVMH, a French multinational luxury conglomerate, is home to 75 high-end brands, including fashion giants Louis Vuitton and cosmetics retailer Sephora. The group made headlines in 2021 with its $15.8 billion acquisition of Tiffany & Co., marking the largest luxury brand takeover in history. Arnault, often described as the mastermind behind LVMH’s expansion, has built the company into a global leader in luxury goods over several decades.
The billionaire’s empire is backed by Agache, his holding company, which also supports Aglaé Ventures, a venture capital firm with stakes in prominent companies like Netflix and TikTok’s parent company, ByteDance. Arnault’s ascent in the business world began in 1984 when he purchased Christian Dior, using $15 million from his father’s construction business. All five of Arnault’s children are involved in LVMH, and in 2022, he proposed a reorganization of his holding company to give them equal stakes.
Meanwhile, L’Oréal shares climbed 3.58%, reaching €380.95 per share. Bettencourt Meyers, the granddaughter of L’Oréal’s founder, oversees a family fortune that includes a 33% stake in the cosmetics giant. She has been on L’Oréal’s board since 1997 and chairs the family’s holding company, inheriting the title of France’s richest woman in 2017 following the death of her mother, Liliane Bettencourt.
In addition to her business role, Bettencourt Meyers leads her family’s philanthropic foundation, which supports French scientific and cultural initiatives. In 2019, L’Oréal and the Bettencourt Meyers family pledged $226 million to help restore Notre Dame Cathedral following its devastating fire.
As the global luxury market continues to expand, the fortunes of these two industry leaders are poised to grow further.
