Corona: The Man Who Lost Most Wealth in Crisis

The man who lost the most wealth during Corona crisis is none other than Europe’s wealthiest man Bernard Arnault. His luxury goods conglomerate LVMH (LVMH Moet Hennessy – Louis Vuitton SE) is the worst affected.

The French multinational and conglomerate that was established in 1987 which was merged with the existing fashion house Louis Vuitton (founded in 1854) had come through several crises. But nothing like the existing Corona crisis. The group’s 70 luxury brands – from Dior to Fendi – have affected as their sales plunged.

71-year-old Bernard Arnault, the owner of LVMH group, has lost huge in this crisis. The LVMH shares plunged by 19 percent this year. And his net worth shrunk by more than USD 30 billion. This makes him the individual who lost the most than anyone else in this crisis, as per the Bloomberg Billionaires Index. As of May 6, Bernard had lost about as much money as Amazon.com Inc. Chairman Jeff Bezos had gained.