Posted April. 27, 2017 07:24,
Updated April. 27, 2017 07:31
On Tuesday, Arnault completed his reign in the luxury world by announcing a decision to take full control over Dior. LVMH announced that it acquired 25.9 percent of Dior for 12.1 billion euros (13.1 billion U.S. dollars). As LVMH had already owned 74.1 percent of Dior, the deal would give it ownership of the Christian Dior haute couture, leather, men’s and women’s ready-to-wear, and shoe businesses. The acquisition would also increase the Arnault family’s share in LVMH from 36 percent to 46 percent.
After the announcement, Dior’s share prices surged by 11 percent in the European stock market on Tuesday, while LMVH stocks also gained by 3.94 percent. According to Forbes on Tuesday, Arnault, the richest man in France, has become the eighth wealthiest in the world, with assets of 51 billion dollars.