Tiffany & Co., Sephora, Dior, Givenchy, and TAG Heuer are just a few of the 75 Maisons, or brands, that are under the hands of luxury behemoth LVMH Mot Hennessy Louis Vuitton. The wealthiest man in the world, Bernard Arnault, is in charge of the luxury empire, and all five of his children work as senior executives for the business. Arnault has amassed some of the largest brands in the world thanks to his sharp eye for luxury, aggressive negotiating techniques, and astute business sense. Most recently, in 2021, the corporation acquired Tiffany & Co. for $15.8 billion to save the largest-ever acquisition in the luxury market following a contentious pricing disagreement caused by the Covid-19 epidemic. While other businesses suffered during the epidemic, LVMH continued to post record sales year after year as rich consumers engaged in what McKinsey & Co. referred to as "revenge spending." Despite the fact that most businesses struggled during the pandemic. LVMH reported a 17% rise in revenue from the same quarter a year prior for the first quarter of 2023. After declining 8% in the fourth quarter of 2022, the Asia market, which had seen the largest decline as a result of Covid-19 closures, had a 14% increase in sales. The first European business to reach $500 billion in market value was LVMH in April 2023.
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How Louis Vuitton TURNED into a $500 Billion LUXURY Business! (LVMH History) Bernard Arnault Story
