The richest man in the world, Bernard Arnault, lost $11.2 billion in a single day due to concerns that a deteriorating US economy would affect demand for luxury products.
The founder of LVMH, known for companies like Christian Dior and Louis Vuitton, saw his wealth increase in 2023 as European luxury firm shares increased.
The greatest decline in over a year occurred on LVMH shares in Paris, where they fell 5%, wiping off about $30 billion from the European luxury market.
Despite the dip, Arnault's net worth has increased by $29.5 billion this year and is still $191.6 billion. Elon Musk and I currently have a $11.4 billion wealth disparity.
The share price of LVMH, which is up 23% so far this year, fell following a protracted run. A 27% increase was seen in the MSCI Europe Textiles, Apparel & Luxury Goods Index.
According to Morgan Stanley analyst Edouard Aubin, attendees at a luxury conference in Paris noticed a "relatively more subdued" US performance.
Due to worries about US economic growth, Deutsche Bank analysts forecast that investors will be more picky when it comes to European luxury companies.