LVMH shares fell, and Bernard Arnault took an $11 billion hit. Despite this, Arnault remains at the top of the wealth ladder with a net worth of $192 billion. LVMH
LVMH’s share price is still up by 23 percent for the year, though attendees at a recent luxury conference in Paris flagged a “relatively more subdued” performance in the U.S., according to Morgan Stanley analyst Edouard Aubin. Concerns that a softening American economy will dampen demand for luxury goods has caused investors to sell shares in the company at a rapid rate to preserve their gains.
At the same time, LVMH is facing pushback from the residents of Beverly Hills regarding its first Cheval Blanc in the U.S. Preliminary results of a special election that closed on Tuesday show most votersEurope’s first $500 billion company back in April. One of LVMH’s leading brands, Louis Vuitton, wrapped last year with revenue surpassing $21.8 billion. As of May 24, however, LV’s shares stand at $176.18 . LVMH’s plummeting stock comes amid a broader decline that has diminished $30 billion from the European luxury sector. It sounds like Arnault isn’t the only one in trouble, then.
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