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There's a new richest man in town, and this one would rather take people to the mall than to the moon. Nathan Laine/Bloomberg/Getty Images Bernard Arnault, who owns 48% of the luxury fashion conglomerate LVMH, just displaced Elon Musk as the richest man in the world after the Tesla owner's fortune tumbled to $163.3 billion following his pricey Twitter acquisition, per Bloomberg . At one point, Musk's net worth sat at $340 billion. The 73-year-old is the first person from Europe to claim the top spot. While Arnault's vast estate is far less than what Musk's was at its peak, the entrepreneur has built quite an empire while living a relatively quiet life. Who Is Bernard Arnault and What Is the LVMH Company? Bernard Arnault's success story starts in Roubaix, France, where he was raised and began his career at his family's construction business, Ferret-Savinel, according to ...

Shares in global luxury goods groups, which rely heavily on Chinese shoppers, rose on Tuesday after Beijing further relaxed some COVID restrictions that had been in place for the past three years, fuelling hopes of a full-blown reopening soon. China will stop requiring inbound travellers to go into quarantine starting from Jan. 8, the National Health Commission said on Monday in a major step toward easing curbs on its borders, which have been largely shut since 2020. News of the loosening lifted stock markets worldwide, with luxury shares in particular benefiting. Shares in LVMH, the world’s biggest luxury group and Europe’s No. 1 company by market capitalization, were up 2.7 per cent while Cartier-owner Richemont rose almost 4 per cent. China, which is gradually moving away from a strict zero-COVID policy that battered its economy, kept consumers indoors and sparked a wave of public discontent, accounts for 21 per cent of the world’s €350-billion luxury goods market, behind North Am...

An LVMH logo at a conference at the Porte de Versailles exhibition centre, in Paris, on June 15, 2022. BENOIT TESSIER/Reuters LVMH Chairman and CEO Bernard Arnault has reshuffled top management at his luxury goods empire, tightening his family’s grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton. Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65. “Both are well respected; logical promotions within the group,” said Credit Suisse analyst Natasha Brilliant. Shares in LVMH, Europe’s most valuable company at about €380-billion ($549-billion), rose as much as 2 per cent to hit new highs. Shares in luxury companies have been boosted recently by the easing of COVID-19 restrictions in China, a key market. Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Mr. Burke and previously spent a dozen years at Dior. Mr. Burke, who is B...