World’s richest man loses US$11bil in LVMH rout

Huge loss: People walk past the site of the proposed Cheval Blanc Hotel of LVMH in Beverly Hills, California. The firm’s shares fell 5% in Paris, amid a broader decline that wiped out about US$30bil (RM137.3bil) from the European luxury sector. — AFP

PARIS: Bernard Arnault, the world’s richest person, had US$11.2bil (RM51.2bil) wiped from his fortune in one day over concerns that a softening US economy would dampen demand for luxury goods.

The founder of LVMH, whose offerings include Louis Vuitton handbags, Moet and Chandon champagne, and Christian Dior gowns, had seen his wealth balloon for most of 2023 as share prices of European luxury companies surged.