Bill Gates loses World's second richest position

NoireTv Africa  
If you live in the USA, NoireTV now showing nationwide on Verizon Fios on channel 269. Press 269 on your remote control. NoireTV now on Verizon Fios Channel 269. Press 269 on your remote control. Follow us on Instagram @noiretvafrica and on Facebook ... www.facebook.com/caspennoire


Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.
The News Agency of Nigeria reports that in the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Jeff Bezos still retaining the first place.
Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.
As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.
The report also stated that Gates would had been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.
The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.
The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.
Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.
He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.
Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.
Meanwhile, LVMH on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier.

Also visit our  website:  www.noiretv.com 

Comments

Popular posts from this blog

Characters In BBC’s Documentary On TB Joshua Unknown To Us – Synagogue Church

NBA Suspends Canada’s Joshua Primo For 4 Games For Exposing Himself To Women

Sky Sports' On-Air Mix-Up: Chelsea Players Mistakenly Introduced as Axel Disasi Instead of Noni Madueke in Carabao Cup Semifinal