Bernard Arnault Places $538 Million Bet on Booming LVMH Stock
(Bloomberg) -- LVMH Chairman Bernard Arnault has spent about 440 million euros ($538 million) in recent months acquiring shares of the world’s largest luxury-goods maker, a sign of confidence that demand for $39,000 Louis Vuitton handbags and Dom Perignon champagne will thrive after the pandemic.
Arnault bought the stock through companies that he and his family control, with the latest transactions disclosed in regulatory filings this week.
An LVMH spokesperson didn’t respond to requests for comment.
The personal luxury goods market may recover this year to 2019 levels, when it was worth about 280 billion euros, according to the Bain Altagamma Worldwide Luxury Market Monitor.
Arnault, who’s worth $162 billion according to the Bloomberg Billionaires Index, has been buying shares in his own company even as other members of the world’s ultra-rich have been selling following a 14-month bull market. Corporate insiders including Amazon.com Inc.’s Jeff Bezos and Google co-founder Sergey Brin have offloaded shares worth more than $20 billion this year through the first week of May, according to data compiled by Bloomberg.
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