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Three of France’s richest people have lost more than £55bn this year amid subdued demand for luxury goods around the world and political turmoil at home.
LVMH boss Bernard Arnault (pictured with wife Helene) has seen his wealth wiped from £25bn by 2024, but remains the world’s fifth richest man at £140bn, according to the Bloomberg Billionaires Index.
L’Oréal heiress Francoise Bettencourt Meyers, once the world’s richest woman, has lost £20bn and Kering tycoon François Pinault is £11bn worse off. They are now worth £60bn and £17bn respectively.
The losses came as shares of LVMH, L’Oréal and Kering – the company behind Gucci – plunged on the Paris stock exchange after years of gains.
LVMH boss Bernard Arnault (pictured with wife Helene) has seen £25bn wiped from his wealth by 2024.
Sales of luxury goods and cosmetics soared after the pandemic as the wealthy splurged.
But a slowdown in demand, particularly in China, has sent stocks tumbling, while the collapse of the French government has also hit investment in the country.
Arnault, 75, has built LVMH into one of Europe’s largest companies with brands such as Louis Vuitton, Christian Dior and Moet & Chandon.
Bettencourt Meyers, 71, whose grandfather founded L’Oréal, last year became the first woman to amass a fortune of $100 billion. Pinault, 88, founded the company that is today Kering in 1962.
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