Billionaire Bernard Arnault bought 215 million euros ($230 million) in LVMH shares after the luxury goods group’s disappointing results at the end of July sent shares down.
Arno’s Financial Akash Three days after the July 25 financial report, French luxury brand Christian Dior SE began to acquire LVMH Moet Hennessy Louis Vuitton SE Regulatory filing exhibit. The stock has since fallen 14%, weighed down by slowing Chinese and U.S. economies, persistent inflation and rising interest rates.
The French businessman and his family own about 48 percent of LVMH and nearly 64 percent of the voting power. The world’s second-richest man, Arnault, regularly buys LVMH shares and buys the stock during the earnings reporting lockup period, the filings show.
A representative for Arnault declined to comment.
LVMH’s second-quarter results showed that the luxury giant, which owns brands including Louis Vuitton and Tiffany & Co., has been struggling with organic revenue in the U.S. come down 1% there.The performance spooked investors, with shares falling 5.2% in the next session, a move that dragged down the industry as well as CAC 40 Index.
LVMH shares fell 7.8 percent last month, their biggest monthly drop since December.economic recession last week Join Danish drugmaker to overtake LVMH as largest European company by market capitalization Novo Nordisk It overtook the luxury giant on the back of booming sales of its Ozempic obesity treatment drug.
That means Arnault’s fortune has fallen from a record high of $212.4 billion in mid-July. That was $170.4 billion as of Thursday, trailing Elon Musk’s $230.7 billion, according to the Bloomberg Billionaires Index.
LVMH shares are still up about 8.8 percent this year.
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