Bernard Arnault, LVMH founder, dropped out of the world's top ten richest people. This marks the first time since 2012. His fortune declined by $65 billion. LVMH's market capitalization dropped significantly. It fell by more than half from its 2023 peak.
A broader slowdown in the luxury market caused the decline. This slowdown is particularly notable in China, a key market for LVMH. A trademark dispute further impacted LVMH's sales. The dispute involves a local Chinese tea maker. It sparked a consumer backlash. This reportedly led to double-digit sales declines for the flagship Louis Vuitton brand in the region.