French Luxury Goods Tycoon Bernard Arnault Leads LVMH To Big Jump In First Half 2021 Revenues
"Billionaire Bernard Arnault has announced a post-pandemic growth spurt at his fashion-luxury empire LVMH—which owns brands like Louis Vuitton, Givenchy and Christian Dior—as plans for to grab even more of the market gather momentum.
On Monday LVMH announced revenues of $33.9 billion for the first half of 2021, up 56% compared to the same period in 2020, with much of the growth driven by fashion and leather goods, for which revenue rose from $9.4 billion in the first half of 2020, to $16.3 billion in the first half of 2021. Sales in the U.S. and Asia were “up sharply since the start of the year,” the company said, with Europe’s recovery from the pandemic more “gradual.”
Arnault, chairman and CEO of LVMH, celebrated an “excellent half-year,” claiming in a company statement that LVMH was “reaping the benefits of having continued to innovate and invest in its businesses throughout the pandemic despite being in the midst of a global crisis.” Arnault trumpeted the “integration” of U.S. jeweler Tiffany & Co, which it acquired in November 2020 for $15.8 billion.
During the pandemic Bernard Arnault briefly became the world’s richest person when his estimated net worth hit $186.3 billion in late May this year. Arnault’s fortune rose from $76 billion in March 2020, and today sits at $191 billion, behind Amazon’s Jeff Bezos on $211 billion.
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