The CEO of the LVMH, Bernard Arnault, has lost more than $30 billion due to the COVID-19 pandemic. During the crisis, LVMH shares dropped by 19%, and the billionaire lost $30 billion in total.
Most of Bernard Arnault’s stores are now closed all over the world, and his companies that produce premium liquors are less profitable due to the decrease in demand.
However, despite the losses, the businessman plans to expand the luxury conglomerate: at the moment, he continues acquiring Tiffany & Co for $16 billion.
