Bernard Arnault is said to be the richest man in Europe (Image: Getty)
Bernard Arnault is the wealthiest man in France and the whole of Europe, with a net worth of over £134 billion according to Forbes. The billionaire CEO and Chairman of luxury conglomerate LVMH has seen his company lose its top spot as the world’s most valuable luxury brand, overtaken by long-time rival Hermès due to a big drop in the business’s share price. While Arnault still holds his position as Europe's richest individual, he lost £6.8bn in one day after his massive conglomerate, behind luxury brands like Louis Vuitton, Christian Dior, and Marc Jacobs, reportedly lost £17.1bn on April 15, as per The Telegraph.
This massive drop came after the company warned of a sales slump, further compounded by the ongoing trade war and escalating tariffs under President Donald Trump’s administration. LVMH chief financial officer, Cécile Cabanis, said: "We all need to ... stay very calm because we are in unknown territories.
He spoke about the impact of tariffs during an event yesterday (Image: Getty)
"The worst is never certain."
Yesterday, Arnault criticised European authorities at LVMH's annual shareholder meeting, and blamed Brussels for mishandling trade negotiations with the US.
While he did not explicitly mention Trump directly, Arnault acknowledged the significant impact of the tariffs on his company, which has led to a 36% drop in LVMH's stock since January.
Bernard Arnault said yesterday: "It will be Brussels' fault if this happens."
He added: "If Europe cannot negotiate intelligently, there will be consequences for many businesses."
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LVMH, which derives about a quarter of its revenue from the US market, is heavily exposed to these tensions, with Trump’s aggressive tariffs adding to the uncertainty.
The trade war has dampened consumer spending in key markets, including the US which traditionally represents a vital growth area for the luxury giant.
As part of his policies, Trump introduced a series of tariffs on imported goods, most notably a 20% univeral tariff on European goods which temporarily stands at 10% for 90 days.
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English (US) · 