Forbes magazine released their annual list of the world’s richest people yesterday, and LVMH ceo Bernard Arnault did pretty well. In fact, he was ranked #7, with an estimated net worth of $27.5 billion.
Pinault may be nearly $20 billion down when it comes to personal wealth, but he’s not out: The mogul plans on shedding his lower-end retailers, such as Redcats, to focus almost entirely on the luxury industry over the next decade. Expect an even tighter competition between the two conglomerates.
Other fashion industry types on the list include Ralph Lauren (worth $4.6 billion), Giorgio Armani ($5.3 billion), and Carlos Slim, who garnered a lot of press for his hefty investment in Saks Fifth Avenue a couple of years back.
(Just an FYI: Forbes is my former employer.)