'Wolf in cashmere' Bernard Arnault loses his slot as the world's 2nd-richest man to Jeff Bezos as LVMH stock slips

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Bernard Arnault
LVMH founder Bernard Arnault.

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Shares of luxury brands are tumbling in a sign consumers' high-end spending spree is over

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Chinese tourists buying the luxury brand Louis Vuitton, Macau, China.
LVMH shares have tumbled in the past six months.

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Luxury tycoon Bernard Arnault dismissed comparisons between his family and the Roys in 'Succession' — and said he hopes there's no 'duel' to take over power

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Two men wearing grey lab coats labelled
Antoine and Bernard Arnault.

GEORGES GOBET/AFP via Getty Images

CHART OF THE DAY: Ozempic maker Novo Nordisk overtakes LVMH to become the biggest company in Europe

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Novo Nordisk vs LVMH

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Chanel's CEO says she's been the 'first woman, the first brown person, the first Asian, the first Indian' in every job – and wants to lift others up

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Leena Nair speaking on a stage whilst wearing a red top
Chanel CEO Leena Nair.

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Coach is the new 'cool girl' brand for Gen Z

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Coach designer handbags
After years of sluggish sales, Coach has experienced a revival in recent years.

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The world's 6 richest people are closing in on a $1 trillion combined net worth after the stunning rally in stocks this year

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Jeff Bezos and Elon Musk
Jeff Bezos and Elon Musk.

Pascal Le Segretain/Getty Images and Michael M. Santiago/Getty Images

The 'aspirational' luxury shopper is suffering, but don't expect any deals

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Louis Vuitton
LVMH needs sales from "aspirational" customers, but offering major discounts to keep them would spell trouble for the company.

Miguel MEDINA / AFP

What it's like to visit the new Tiffany & Co. flagship store in New York City where the jewelry is stunning, but the real treat is the escape from reality and the museum-quality art

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Exterior of Tiffany store on Fifth Avenue in New York City
The remodeled Tiffany & Co. flagship store.

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There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH

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Two men wearing grey lab coats labelled
Antoine and Bernard Arnault.

GEORGES GOBET/AFP via Getty Images

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