French luxury titans see wealth decline

LVMH chief Bernard Arnault is no longer the world’s wealthiest man. As the luxury sector grapples with a China slowdown, three of France’s billionaires — Bernard Arnault, L’Oréal’s Francoise Bettencourt Meyers and Kering’s Francois Pinault — are seeing their fortunes dwindle as "restraint replaces indulgence," reports Bloomberg. Their combined wealth has contracted by 53 billion euros this year, reflecting broader headwinds in the premium goods sector. The decline marks a stark reversal from the pandemic-era boom that had elevated these industry leaders into the uppermost echelons of global wealth alongside technology entrepreneurs.