Jeff Bezos, the chief executive of e-commerce giant Amazon, recently lost the glitzy title of "the world's richest man," and rose to the throne as Bernard Arnault, chief executive of luxury goods giant Louis Vuitton (LVMH). In the last trading day, Bezos' net worth fell $761 million, or 0.65% of total assets. Although not large relative to Bezos' total assets, it is enough to make him the richest man in the world.
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The luxury empire led by Bernard Arnaud reportedly has an eye-catching presence in the global market, with products such as Louis Vuitton luggage, Hennessy Brandi and Don Peiren Champagne, owned by the LVMH group, consistently selling. In 2018, the group's global sales revenue climbed 10 percent to €46.8 billion.
In addition, the group has developed a new customer base among consumers belonging to the so-called "millennials" (the young generation born between 1980 and 2000). These young customers contribute 40% to 50% of Louis Vuitton brand sales. As a result, LVMH group's efficiency and stock price can go up, and at the same time, it also further drives the asset value of Arnott up.