The visit of the billionaires spurred the stocks of their companies after they traveled to China this week, and “luck smiled” at “Elon Musk”, regaining his title as the richest person in the world from the French billionaire “Bernard Arnault”, while the CEO of “JP Morgan”, Jamie Dimon, said, He may run for a government position to serve his country while visiting China.
And after Arnault, CEO of LVMH, lost the title of the richest in the world, with the bitter declines in the shares of his luxury goods company, sources revealed to Bloomberg that he plans to knock on the walls of China, on a visit this month, after the country reopens from closures. that occurred in the era of the epidemic, which hindered sales of luxury goods in one of the largest consumer markets in the world, according to what was seen by Al Arabiya.net.
Bloomberg sources said that the billionaire’s visit will be the first since before the Covid pandemic, adding that the trip could be postponed due to unforeseen circumstances.
The visit coincides with growing concerns about China’s economic recovery, which slowed last month, and follows a drop in shares of some global luxury goods companies – from Louis Vuitton to Hermes International – after a strong rally earlier this year.
On Wednesday, Arnault lost his status as the world’s richest person to Tesla CEO Elon Musk, after shares in his Paris-based luxury empire LVMH Moet Hennessy Louis Vuitton plunged. Although he started planning for the China trip before last week’s sharp dips.
Beijing has been rolling out the red carpet to global business leaders — including the CEO of JPMorgan and Musk — to allay fears that the country is becoming more hostile to foreign capital and to counter Western countries’ political agenda of less dependence on China. .
And brands are stepping up efforts to appeal to young Chinese, as the big-spending Gen Z is expected to make the mainland the world’s biggest luxury market by 2025 – displacing the US and Europe. Shoppers are already some of the most influential in the world, accounting for nearly a fifth of the $325.4 billion global luxury goods market, according to PricewaterhouseCoopers.
Asia excluding Japan accounted for 30% of LVMH’s revenues of 79.2 billion euros ($84.8 billion) last year.
Arnault’s rival, Francois-Henri Pinault, CEO of Kering SA, the owner of the Gucci brand, visited China earlier this year.
Arnault met Chinese Commerce Minister Wang Wentao in April in Paris. Wang also met other French business leaders including Hermes CEO Axel Dumas, according to a tweet from the Commerce Ministry.