Luxury fashion giant absent from world’s richest ranking
According to Bloomberg’s latest global fashion richest ranking, Spain’s Amancio Ortega (”Mr Zara”, owner of fast fashion giant Inditex) came in first place, with US$59,3 billion personal worth. Ortega is followed by France’s Liliane Bettencourt, heir to the L’Oréal empire, with US$31,2 billion. Third comes ”low cost” fashion guru Stefan Persson, owner of H&M (US$29,2 billion).
Worth noting is the fact that with the exception of NIKE’s founder / owner, Phil Knight who increased his fortune in 2014 compared to 2013, reaching a tota of US$21,6 billion, all other billionaires saw their fortunes decrease in 2013.
Surpring absentee from the ranking is France’s richest man, Bernard Arnault, also the owner of LVMH, the leading global luxury fashion giant. Italy’s surprising ranking in Bloomberg’s fashion billionaire club is Leonardo del Vecchio, owner of eye-wear giant Luxottica.
L’Oreal misses 2014 Q3 like-for-like sales growth misses estimates, with 2.3 pct vs 3.6 pct avg estimate.