Revenues of the luxury fashion empire LVMH, owned by the richest European Bernard Arnault, grew by more than 55% on an annual basis in the first half of 2021, reports Forbes.
Revenue for the period was $ 33.9 billion. LVMH owns brands such as Louis Vuitton, Givenchy and Christian Dior.
Sales in the United States and Asia have “risen sharply since the beginning of the year,” according to the company, and the recovery in Europe from the pandemic is “gradual.”
During the pandemic, Arno briefly became the richest man in the world when his fortune reached $ 186.3 billion at the end of May this year. Arno’s fortune rose from $ 76 billion in March 2020 to $ 193 billion today. According to Forbes, he ranks after Amazon’s Jeff Bezos ($ 211 billion) in the list of billionaires.
Last week, LVMH announced that it was acquiring a 60% stake in fashion brand Off-White, founded by designer Virgil Ablo, but the amount of the deal was not announced. Some have described the move as a sign of Arno’s business plan for the next decade.
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