Bernard Arnault, founder and CEO of French luxury goods firm LVMH Moët Hennessy (OTCPK:LVMHF), has lost his spot as the world’s second-richest person to Amazon’s (AMZN) Jeff Bezos.
Arnault’s net worth took a hit from the recent selloff in luxury stocks, and currently stands at $155B, according to the Bloomberg Billionaires Index. Bezos’ net worth is now $156B.
LVMH, which owns brands such as Louis Vuitton and Dior, last week reported softer Q3 sales as shoppers spent less on high-end goods. The report pushed its stock 2.2% lower, while Arnault’s wealth fell by $6.8B since then.
The impact on his wealth reflects analysts’ views that the luxury supercycle may be nearing its end as revenue growth moderates.
“We expect to see consolidation of strong multi-year gains for the luxury sector from here… also accounting for higher interest rates and lower disposable incomes for western consumers and a China macro situation that is not supportive,” RBC analysts noted. They still rate LVMH (OTCPK:LVMHF) at Outperform.
Meanwhile, Bezos appears to have benefited from this year’s tech stock rally, with his net worth increasing $49.3B YTD. Elon Musk, the world’s richest man, has seen his net worth jump $96.8B this year to $234B.