French tycoon gains $17 billion from China’s economic stimulus push
CNN
The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence.
The billionaire owner of French luxury powerhouse LVMH has seen his wealth inflate by $17 billion dollars in just one day, after China announced fresh moves to restore economic growth that some call the long-awaited “bazookas” needed to revive confidence. Bernard Arnault isn’t the only winner. China and Hong Kong stocks are on track to log their best weekly performances in 16 years, according to Reuters, following the surprise stimulus measures and strong words from the Chinese leadership. Arnault, the chairman of LVMH, started Thursday having lost more wealth this year than any other billionaire, with his fortune having declined by $24 billion due to a slump in the market for high-end goods, according to the Bloomberg Billionaires Index. But by the end of the day, his net worth jumped by $17 billion to $201 billion, the index reported, calling it his third-biggest daily increase ever. That’s after shares in LVMH rallied by just under 10% in Paris on hopes the Chinese leadership would succeed in their efforts to resuscitate the economy, which could bring back demand for luxury goods. LVMH said in July that sales had dropped 10% in the first six months of this year in its Asia region compared to 2023. That market, which accounted for 31% of total revenue last year, is dominated by China. China’s faltering economy had been hurting many Western brands. The country is grappling with a number of challenges, from sluggish consumer spending and a persistent property slump to a mounting debt crisis at local governments.
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