According to The Daily Mail, Bernard Arnault, the richest man in Europe has lost $30billion during the coronavirus outbreak. Based on Bloomberg Billionaires Index calculation, this is more than any other person in the world.
The virus outbreak has led to many entrepreneurs count losses while some have lost their jobs because of the lockdown and business closure effects.
Bernard Arnault is the chairman and CEO of the prestigious luxury empire, LVMH Moët Hennessy. He is the third-richest billionaire worldwide, who oversees a portfolio of 70 luxury brands, including Louis Vuitton and Sephora. Many of which have been financially affected amid the coronavirus pandemic.
The worldwide adverse effect of the novel coronavirus has seen LVMH shares plummet by 19% in a year. Presently, Arnault’s net worth has reduced by $30billion. Bloomberg reported that he has lost more than any other individual in the world. Arnault is currently worth $77billion according to the Index, which is updated on daily basis.
Many of Arnault’s brands including Louis Vuitton, believed to have a wide profit margin as high as 45%, may no longer be seen as priority purchases for their targeted customers.
Bloomberg added that Arnault is due to pay out $16billion after sealing a deal in November last year for the jewellery group Tiffany & Co. LVMH has strongly denied any suggestion it would end the deal or adjust the price amid the current coronavirus crisis.
It was gathered that Arnault and four other executives forfeited their April and May salaries in face of the pandemic. Despite this, both LVHM officials and industry experts are optimistic that Arnault well whom they consider as the ‘highly-successful risk taker’ businessman will bounce back.