French billionaire Bernard Arnault's fortune falls to $132 billion as LVMH sales slip

French billionaire Bernard Arnault, chairman and chief executive of LVMH Moët Hennessy Louis Vuitton, has seen his fortune fall to about $132 billion, according to financial news site Invezz, after the world's biggest luxury group reported another quarter of shrinking sales at its fashion and leather goods division, its largest business.

LVMH shares slid to their lowest level since late 2020 after the update. The stock traded at €377.60 ($422.90) in Germany on Tuesday morning, down 1.83% from Monday's close, and has lost about 41% this year.

The latest decline followed LVMH's nine-month sales update, released after the Paris market closed on Oct. 12. Revenue for the first nine months of 2026 came to €57.1 billion ($64 billion), down 2% on a reported basis and up 2% on an organic basis, which strips out currency swings and acquisitions. Organic growth slowed to 1% in the third quarter.

Fashion unit takes the hit

The Fashion & Leather Goods division, home to Louis Vuitton, Dior, Celine and Loewe, posted a 5% organic drop in sales in the third quarter. Its nine-month revenue fell 4% on a reported basis to €26.39 billion ($29.6 billion), a 2% organic decline. LVMH said the unit benefited from strong demand in the United States but was hurt by slowing demand in China.

Chief Financial Officer Cécile Cabanis told analysts the slowdown in China had "a more tangible impact on fashion and leather goods, the division most exposed to the region," according to a transcript of the call published by Investing.com. She described "a more macro-led challenging consumer backdrop among Chinese clientele."

The group's other units did better. Watches & Jewelry, which includes Tiffany & Co. and Bulgari, grew 6% organically in the quarter. Wines & Spirits, home to Moët & Chandon and Hennessy, also rose 6%, while Selective Retailing, led by Sephora, climbed 8%. Perfumes & Cosmetics grew 1%. LVMH said the United States, Europe and Japan posted good growth over the period.

LVMH missed analysts' third-quarter sales expectations, Reuters reported. Traders had indicated a 3% drop at Tuesday's open, and shares of Swiss rival Richemont were down about 2% before the market opened. Analysts at JPMorgan, Jefferies and RBC Capital Markets kept neutral ratings on the stock.

Out of the top 10

The slump has pushed Arnault down the global wealth rankings. He fell out of the world's 10 richest people on Sept. 10, the first time since 2017 that he had been absent from the group, according to the Bloomberg Billionaires Index. Bloomberg valued him at $143 billion at the time, down $65 billion since the start of the year. In October 2025, the index put his fortune at $195 billion.

Rival tracker Forbes, which counts his fortune together with his family's, valued Bernard Arnault & family at $114.8 billion on Oct. 13, placing him 17th in the world. Arnault was briefly the world's richest person in December 2022 and was the first person from outside North America to reach the top of Bloomberg's index.

Most of his wealth comes from the Arnault family's stake in LVMH, which it controls through Christian Dior SE and the holding company Financière Agache. The family held about 49% of LVMH's capital and nearly 65% of its voting rights at the end of 2024. Arnault spent about €1.4 billion ($1.6 billion) buying LVMH shares between February and October 2025, at an average price of around €566, far above where the stock trades now.

Sector-wide pressure

LVMH's troubles mirror a broader retreat in luxury stocks. Gucci owner Kering is down more than 70% from its peak, and Birkin bag maker Hermès has fallen sharply from last year's high. LVMH's stock is down more than half from its 2023 record.

Analysts remain more positive than the market. The average price target among 27 analysts tracked by MarketScreener is €518.80 ($581), about 35% above Monday's close of €384.50 ($430.60), with a consensus rating of outperform.

Arnault, 77, built LVMH through a series of acquisitions starting in the 1980s. The company's shareholders approved raising the age limit for its chief executive to 85 in 2025, allowing him to stay on.