The majority of Arnault's fortune comes from his stake in Christian Dior, a holding company for LVMH Moet Hennessy Louis Vuitton, the world's largest maker of luxury goods. He also owns a 5.6 percent direct stake in LVMH as well as shares of Carrefour, Europe's largest food retailer, a ski resort in the French Alps and a paper recycling company.
LVMH Moet Hennessy Louis Vuitton SA fell to the lowest in five months in Paris trading after saying weaker Asian demand contributed to the slowest growth in sales of fashion and leather products in more than three years.
Louis Vuitton, which last month raised prices by an average 12 percent in Japan, has imposed similar increases on non-leather handbags in most of its main markets since the start of the year, according to HSBC.
The decision by France’s richest man, Bernard Arnault, to seek Belgian citizenship has created a media frenzy over tax exiles, giving the increasingly unpopular Socialist President Francois Hollande a chance to grandstand.
LVMH Moet Hennessy Louis Vuitton SA named Pierre Gode deputy chairman of its Italian operations after the 68-year-old stepped down as chief executive officer of billionaire Bernard Arnault’s investment companies.
John Paulson, a lifelong New Yorker, is exploring a move to Puerto Rico, where a new law would eliminate taxes on gains from the $9.5 billion he has invested in his own hedge funds, according to four people who have spoken to him about a possible relocation.
French billionaire Bernard Arnault, chief executive of LVMH Moet Hennessy Louis Vuitton SA, rebutted a report that he has located parts of his business empire in Belgium in order to escape taxes in France.
Tod’s SpA Chief Executive Officer Diego Della Valle said he’ll focus on developing brands he already owns in the next two years, while ruling out selling a stake in the Italian maker of $1,595 handbags and $425 loafers.
Bernard Arnault’s net worth is $14.6 billion less than previously estimated because of the way he owns his stake in LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods company, according to data compiled by Bloomberg.