Luxury Bear Market Crushes Wealth Of French Billionaires
The slowdown in the global personal luxury goods market resulted in a year of record wealth losses for France’s top billionaires.
According to the Bloomberg Billionaires Index, Bernard Arnault, Françoise Bettencourt Meyers, and François Pinault had $71 billion erased from their collective wealth this year.
The three French billionaires are in the index’s top five for largest wealth losses (in dollar amount) on the year.
These billionaires control LVMH, L’Oréal SA, and Kering SA. It was a bloodbath for the industry…
Gucci-owner Kering tumbled 41% on the year, L’Oréal SA -24%, and LVMH -13.5%.
A recent note by Bain & Company, in partnership with Italy luxury goods manufacturers’ industry association Altagamma, showed that the personal luxury goods market entered its first slowdown since the Great Recession.
Global luxury spending is expected between -1% and 1% in year-over-year growth in 2024, reaching 1.5 trillion euros, or approximately $1.6 trillion, as cash-strapped consumers from China to Europe to the US continue dialing back on discretionary items.
Looking ahead, Bain forecasts a slight improvement in luxury spending in 2025 but anticipates a shaky industry through the decade’s end.
LVMH is the world’s largest luxury goods company, and in its latest earnings report, it warned about an “uncertain economic and geopolitical environment” denting global sales.
Meanwhile, Elon Musk remains firmly at the top of the Bloomberg Billionaires Index. Is rocket man set to become the world’s first trillionaire by the end of the decade?
Building rockets is a much better business than selling purses made in sweatshops.
Tyler Durden Fri, 12/27/2024 – 11:05
Source: https://freedombunker.com/2024/12/27/luxury-bear-market-crushes-wealth-of-french-billionaires/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Online: | |
| Visits: | 1,671,776,888 |
| Stories: | 8,336,953 |
Whistler Blowers, Insiders
