Bernard Arnault is now officially the wealthiest man in fashion, knocking Zara boss Amancio Ortega off the top spot.
According to the Bloomberg Billionaires Index, Arnault – who is the CEO of luxury conglomerate LVMH – is now the fourth richest person in the world and the richest in Europe with an estimated wealth of $70.7 billion (£50 billion). His financial boost comes as Christian Dior posted record sales last week. LVMH also oversees Louis Vuitton, Céline and Givenchy.
Related article: How Much Is The Richest Man In The World, Jeff Bezos’s Net Worth?
In 2017, the company reported record sales of 42.6 billion euros, a 13 percent rise on 2016. Rising demand in the Far East is thought to have helped LVMH, as well as the strength of the euro against the dollar and pound. It has also made big steps in the digital sphere, last year launching its multi-brand luxury shopping platform 24 Sevres, which was the first online destination to stock Céline – considered a big coup within the industry.
Related article: Bling It On: Children Of Asia’s Richest Not Shy About Flaunting It
However, Arnault still has a way to go before he becomes the world’s wealthiest man. In first position is Amazon’s Jeff Bezos, who is worth $118 billion (about £83 billion), followed by Microsoft founder Bill Gates with $90.3 billion (£63 billion) and business magnate Warren Buffett in third with $84.1 billion (£59.6 billion).
Related article: Beyoncé Is Officially The Richest Woman In Music
This article originally appeared on Harper’s BAZAAR UK.