Bernard Arnault, the world’s richest man and boss of LVMH, has seen £12.5billion wiped off his family fortune. Some £45billion has been wiped off the value of the luxury goods sector in recent days. China fears: Shares in LVMH, which owns Louis Vuitton, whose ambassadors include actress Zendaya (pictured), have fallen nearly 7 per cent on the Paris stock exchange. Shares in LVMH, which owns Louis Vuitton, whose ambassadors include actress Zendaya (pictured), have fallen nearly 7 per cent on the Paris stock exchange. The slide in LVMH shares has cost the Arnault famiiy – which owns more than 48 per cent of the company – £12.5billion on paper though the stake is still worth £172.5billion.

Source: Daily Mail May 24, 2023 22:01 UTC