Three of the richest people in France have lost more than £55bn this year amid subdued demand for luxury goods worldwide and political turmoil at home.
LVMH chief Bernard Arnault (pictured with wife Helene) has seen £25bn wiped off his wealth in 2024, but is still the fifth richest man in the world with £140bn, according to Bloomberg’s Billionaires Index.
L’Oreal heiress Francoise Bettencourt Meyers, once the world’s richest woman, has lost £20bn and Kering tycoon François Pinault is £11bn worse off. They are now worth £60bn and £17bn respectively.
The losses came as shares in LVMH, L’Oreal and Kering – the company behind Gucci – tumbled on the stock market in Paris following years of gains.
LVMH chief Bernard Arnault (pictured with wife Helene) has seen £25bn wiped off his wealth in 2024,
Sales of luxury goods and cosmetics soared after the pandemic as the wealthy splashed out.
But a slowdown in demand, particularly in China, has sent shares tumbling while the collapse of the French government has also hit investment in the country.
Arnault, 75, has built LVMH into one of Europe’s largest companies with brands such as Louis Vuitton, Christian Dior and Moet & Chandon.
Bettencourt Meyers, 71, whose grandfather founded L’Oreal, became the first woman to amass a $100bn fortune last year. Pinault, 88, set up the company that is now Kering in 1962.
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