Bernard Arnault loses $5 billion as LVMH share price falls

This morning the LVMH share price was at 693.300 euros, down 1.81%, affecting its CEO, Bernard Arnault.

 

Bernard Arnault, Europe’s richest man, saw his net worth drop by $5 billion as investors reduced their holdings in LVMH stock.

 

At the end of its 2021 fiscal year, the luxury group had recorded sales to the tune of 64.2 billion euros, up +44% from a 2020 year marked by the Covid-19 crisis and +20% from 2019.

 

However, on January 5, LVMH shares had reached an all-time high of €758.50, but have since fallen by around 6%.

 

At the same time, Louis Vuitton, has suffered a wind of protest this Thursday, February 10 in 5 of the 18 factories of the brand in France. Employees stopped work during the changeover between the morning and evening shifts. They denounce their working hours and their wages. The CFDT union says it is opposed to the “annualization of working hours” that management “wants to impose” and which would lead “in particular to the payment of overtime at the end of the year”. In addition, the elected representatives are “demanding a salary increase”, recalling that “the rate of pay for overtime has been reduced by a few years“. recalling that “the hourly rate for a Louis Vuitton employee with fifteen years of seniority” is “14 euros“.

 

 

Read also > LVMH REPORTS RECORD SALES FOR 2021

 

Featured photo : © DR

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Hélène Cougot
Hélène Cougot
Passionate about art and fashion, Hélène went to a fashion design school: the Atelier Chardon-Savard. She then completed her training with an MBA in Marketing at ISG. She has written for the magazine Do it in Paris and specializes in writing articles about luxury, art and fashion for Luxus +.

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