The falling shares mean that Mr. Arnault (now worth about $195 billion, Forbes says) dropped to the second-richest person in the world in June, eclipsed by Elon Musk.
Mr. Arnault has broadened LVMH beyond extravagant playthings into the world of experiences, acquiring over 50 grand hotels and resorts.
Mr. Arnault’s changes mean he doesn’t have to retire next year as originally expected.
The French media is full of headlines comparing the Arnaults to the Roys, the fictional family in the HBO series.
There are TikTok videos explaining why the Arnaults are “the real ‘Succession’ family.” The family hates this talk, and takes pains to play down parallels to the show.
Persons:
Arnault, Forbes, Elon Musk, LVMH, —, gobbling, Delphine, Dior
Organizations:
Denmark’s Novo Nordisk, HBO