The summer vacation is back, with airline ticket sales strengthening and airport traffic recovering to pre-pandemic levels. That goes for those flying private too. This week, a subset of America’s richest people descended upon Sun Valley, Idaho following the July holiday for investment bank Allen & Co.’s annual conference—known as “summer camp for billionaires”—for the first large gathering of the ultra-wealthy since the World Economic Forum, held in Davos, Switzerland just before the world went into lockdown. At least billionaires—worth a collective $ billion, by Forbes’ count—attended the conference, which was canceled last year amid the pandemic, for a week of fun in the sun and backroom dealings. Here are billionaires who were snapped rubbing elbows with fellow members of the corporate elite at the exclusive, intensely private event. Others—including Amazon’s Jeff Bezos, Shopify’s Tobi Lutke and Stripe’s Patrick Collison—were reportedly spotted but shied from the cameras. Net worths are as of July , .
Sorry Kanye, you are no longer the richest black person in America. And that also means you re no longer the richest self-made black person in history. You re still extremely rich though! But not quite as rich as private equity software tycoon Robert F. Smith. For much of the last year, Kanye was the richest black person in America thanks largely to his incredibly successful Yeezy brand. Kanye maintained that lead even after Kim Kardashian filed for divorce, thanks to a rock-solid prenup the couple maintained throughout the marriage. At the time we announced he had claimed the # spot, Kanye West s $. billion net worth topped Vista Equity Partners Robert F. Smith s net worth by $ million. Unfortunately for West, the last six months have been extremely good to Smith. Smith s net worth has increased $ billion in the last few months alone and currently sits at… The richest black person on the planet is Nigerian Oil magnate Aliko Dangote whose $ billion fortune makes him the richest person on the continent of Africa and the th richest person in the world. As the now-legendary story goes, while still a high school student Smith applied for an internship at Bell Labs that was designed for juniors and seniors in college. He would not take no for an answer. He called the human resources director at the company every single day for two weeks straight. Then for the next five months, he only called on Mondays. His luck turned when an intern Bell Labs who had been recruited from M.I.T. didn t show up, leaving them in a bind. The H.R. director remembered Smith and called him with the job offer. He accepted and spent that summer developing a reliability test for semiconductors. After finishing high school, Robert earned a B.S. from Cornell in Chemical Engineering. He then earned an MBA from Columbia University. He continued his internship at Bell Labs during summer and winter breaks. When he completed his education, he headed to Wall Street to work for Goldman Sachs. He eventually became the co-head of enterprise systems and storage investment banking, where he advised on $ billion in technology merger and acquisition deals. Robert left Goldman Sachs in after six years and founded Vista Equity Partners. Over the last two decades, Vista has grown to control $ billion assets under management. Unlike most private equity firms that are desperate to find the next brand new hotshot startup, Smith s strategy at Vista is to identify middle-aged software and tech companies that have recurring revenue. As just one example, in Vista acquired a company called Mindbody for $. billion. Mindbody produces cloud-based online scheduling software for health and wellness studios. If you ve signed up for a yoga class recently, you probably used a Mindbody-created app. Classpass uses a white-labeled version of Mindbody to manage its class scheduling. All of the health studios that use Mindbody gladly pay a healthy subscription fee to use its services. Once under Vista s umbrella, those subscription fees continue to pour in while Vista takes the software management in-house, streamlining and optimizing the technology while also reducing costs. You may remember Robert F. Smith as the billionaire who announced during his commencement speech at Morehouse College in that he was eliminating the student loan debt of the entire graduating class. That ended up equating to a roughly $ million pledge. Here s a video of Robert making that surprise announcement. Check out the faces of the people in the background, especially the guy in the bottom left of the screen, at the second mark:
Steve Ballmer, the former CEO of Microsoft, has joined the $ billion club, becoming the ninth person to be a part of one of the world s most exclusive clubs. As per the Billionaires Index, Oracle founder Larry Ellison is another aspirant knocking on the door as he just fell short of reaching the milestone with a fortune of $. billion. While Ballmer is the newest entrant to the club, here is the list of the richest persons in the world. Amazonm’s Jeff Bezos is the world’s richest person and now has a record net worth of $. billion. Musk is the CEO of electric vehicle maker Tesla and is at the second spot on the Billionaires Index of the world’s richest people with a net worth of $ billion. Bernard Arnault is a French businessman and the chairman and CEO of Louis Vuitton, the world s largest luxury goods company. As per the Billionaires Index, his net worth currently stands at $ billion. The Microsoft founder is the world s fourth-richest person with a wealth of more than $ billion. He recently made headlines over his divorce with Melinda Gates after hours of marriage. The co-founder and chief executive of of popular social networking platform Mark Zuckerberg is on the fifth position with a net worth of $ billion. Larry Page is the co-founder of Alphabet, the parent company of Google, the world s largest search engine operator. Set up in , Google handles trillion searches every year. Buffet is the chairman and largest shareholder of Berkshire Hathaway. His total net worth is $ billion
The richest man in the world, Jeff Bezos, now has a fortune of $ billion as Amazon shares surged .% after the Pentagon announced the cancellation of its cloud computing contract with Microsoft. This is an absolute record in the ranking of billionaires, which is maintained by . Prior to that, Tesla and SpaceX founder Elon Musk briefly had a fortune of $ billion. Now he has a total of $ billion in his accounts, and he occupies the second line. The third place bemongs to the French tycoon and head of the Louis Vuitton Moet Hennessy group of companies, Bernard Arnault, whose fortune is at $ billion. Bezos has consolidated his # position since mid-March, as Amazon shares soared nearly % during that time. Since the beginning of the year, Bezos has grown by $ billion. Bezos’ ex-wife, Mackenzie Scott, is th on the list of the richest people in the world. Due to the rise in Amazon stock, her fortune rose by $ . billion on Tuesday, while she has already donated $ . billion to charity this year. Bezos, , formally stepped down earlier this week as Amazon CEO, which he held for years. At the same time, he owns % of the company’s shares and is its executive chairman. Earlier this month, the American entrepreneur Jeff Bezos has stepped down as Amazon CEO, which he has held for years since the company was founded. Bezos announced his departure back in February this year. The company, which is currently valued at $ . trillion, will be led by Andy Jassy, who has been the head of Amazon Web Services AWS. In years, Bezos has transformed a small online book-selling business into one of the largest e-commerce and public cloud companies in the world. In , Amazon became the third-largest company in the world by market capitalization, overtaking Microsoft. Bezos will retain the title of the richest man on Earth. Bezos was often a subject of tax evasion. Last month, journalist organization ProPublica said Bezos was evading taxes in and . After stepping down as CEO, Jeff Bezos will take over as executive chairman of Amazon’s board of directors; but his involvement with the company will diminish. Bezos decided to devote more time to charity, as well as his personal project – the space company Blue Origin. On July , Bezos is set to embark on a suborbital flight aboard the Blue Origin-designed New Shepard spacecraft. His younger brother Mark will fly with him.
SpaceX founder Elon Musk on Monday defended the so-called space race between some of the world’s richest men, saying space represents hope for so many people. The comments came one day after Virgin Galactic founder Richard Branson made history as the first person to blast off in his own spaceship. He beat Jeff Bezos, the richest person on the planet, by a slim margin – just nine days. Those who attack space maybe don t realize that space represents hope for so many people, Musk tweeted. Branson was supposed to fly later this year on the second of three more test flights planned by Virgin Galactic before flying ticket holders next year. But on Sunday, he catapulted ahead of his rivals, reaching an altitude of . miles over the New Mexico desert with five crewmates. On July , Bezos will follow Branson s lead and head to space on New Shepard s th flight into space alongside his brother, Mark, a $ million auction winner and Wally Funk, one of the last surviving members of the Mercury who was chosen as his honored guest. SpaceX, which is already launching astronauts to the space station for NASA and building moon and Mars ships, plans to take tourists into orbit around the Earth for days, with seats costing well into the millions. The company’s first private flight is set for September. And even though the three men are competitors, they have publicly supported each other in recent weeks. Branson – who has insisted this isn t a space race – tweeted an image Sunday morning of Musk visiting him before his big launch. richardbranson and crew, congratulations on the flight. Can’t wait to join the club! Bezos wrote on alongside an image of Virgin s rocket.
In the early months of the Covid- pandemic, the hedge fund industry was struggling to eke out gains, but by the end of , they had managed on average to pull themselves out of the red for the year. A fund-weighted composite index by research firm HFR, which measures the performance in the hedge fund industry, showed an .% return for , led by funds focused on energy and basic materials, which gained %, followed by technology- and health care-focused funds, which grew almost % and %, respectively. By comparison, stocks in the Standard & Poor’s index gained about % with dividends reinvested, according to Institutional Investor. To learn how much the richest hedge fund managers made in , Wall St. reviewed the “The Richest Hedge Fund Managers On The Forbes List,” released by Forbes in September . Hedge fund manager wealth is for the first half of . To determine the net worths of hedge fund managers and traders, Forbes examined hedge fund returns as well as the fee and ownership structure of a wide array of money management firms to estimate earnings and cash growth, and also counted other assets owned by hedge fund managers, such as private jets, yachts, and art collections. The top billionaires of the hedge fund industry — a list that includes familiar names like Ray Dalio, Steve Cohen, and George Soros — managed to grow their wealth by an estimated $. billion, to nearly $ billion, by the first half of , compared to the same period in . Individually, however, it was a mixed bag. Here are the richest Americans of all time. A dozen of these hedge fund titans experienced increases in their net worths by an average of nearly a billion dollars by the first half of , led by Ken Griffin of Chicago-based hedge fund Citadel, who became $. billion richer. Seven of these billionaires lost a total of nearly $ billion in wealth in the same period of time, with combative activist shareholder Carl Icahn losing $. billion in wealth. Here’s a list of the richest person in every state. Six billionaires on this list, including Soros, saw no change in their net worth. There can be different reasons for this, often involving moving wealth into private family foundations to build philanthropic legacies. Some of these men are older and retired, or they’ve stopped managing other people’s money. Here’s the latest list of the richest hedge fund managers.
Provided by Business Insider David M. BenettDave Benett Images for TAG Heuer; Smith CollectionGado Images; Julien Hekimian Images; Victor Boyko Images; Chesnot Images; Lawrence Sumulong Images; Pascal Le Segretain Images; Samantha LeeInsider For weeks, Alexandre Arnault, then the -year-old CEO of the premium luggage brand Rimowa, was hyping up the company s ski-themed holiday party. Held in December in Paris, the celebration would be at a ritzy venue overlooking the hilltop district of Montmartre. Employees would compete in games to win Rimowa suitcases as prizes. A former IT employee said the boss urged everyone to go in their best outfits. On the day of the party, transport workers were on strike in the city, leaving many employees to travel to the venue on foot. The former IT employee said he rented a bike and cycled to the party. He just sent a message like an hour before saying that he s not going to come, the IT employee told Insider. It was so weird that he didn t come, because it was one of the biggest events for employees in Paris, and they were happy to go even though it was during the strikes. A former administrative employee who attended the party said, People were disappointed, that s for sure. Alexandre s failure to materialize that evening was a letdown to employees who were eager to get to know the young CEO, who s the son of the world s third-richest man and potential heir to the largest luxury empire. His father, Bernard Arnault, runs LVMH, which owns brands including Louis Vuitton, Dom Perignon, and Christian Dior. Bernard Arnault s $ billion fortune puts him behind only Jeff Bezos and Elon Musk in personal wealth. At , Bernard shows no signs that he s ready to retire. But as he gets older and richer, and as the LVMH empire continues to expand - it bought the iconic jewelry house Tiffany & Co. last year for $. billion - the question of who will one day succeed him as the head of LVMH is timelier than ever. Locked in an unspoken competition for that very position are the four of Bernard s five adult children who hold leadership roles in the group, luxury analysts said. My view is that the father is basically testing all of them: seeing how they behave, how they act, how successful they can be, how good they can be in what they do, a luxury-industry veteran who knows the family said. And then when the time comes, he ll decide who is going to be the chosen one. Alexandre s audition comes in the form of a leadership role at Tiffany s. In January, the -year-old was appointed the company s executive vice president. The role has positioned him as a strong contender to one day head up the conglomerate, but he now faces his biggest and most visible challenge yet: transforming Tiffany from an iconic yet languishing brand into a global powerhouse. His four years at Rimowa have left no doubt that Alexandre has the vision to modernize a stiff legacy brand. He s been described as a leader who is talented at capturing the zeitgeist, and adept at leveraging the elite connections - think Jay-Z and Snap boss Evan Spiegel - of the world he was born into. Yet some former Rimowa employees said he was standoffish, inexperienced, and failed to build trust with his team. What remains to be seen is how much his youth and lack of extensive leadership experience will affect his ability to successfully helm Tiffany and Co. and potentially one day LVMH. Insider spoke with people, including individuals who ve worked with Alexandre and luxury industry analysts, to better understand how well the -year-old executive is prepared for the challenge ahead of him. Many sources spoke on condition of anonymity to protect their privacy. Their identities are known to Insider. Alexandre and the rest of the Arnault family declined to be interviewed for this story. An LVMH representative said Bernard has not yet considered when he will retire or who will be his successor. His children are all focused on their current position to grow their business and contribute to the group, the representative said. To understand Alexandre, you first must understand the power of the Arnaults. One way to measure that power is to look at how many - or how few - people are willing to cross them. Many people I contacted for this story ignored me, while others I reached by phone said they weren t comfortable speaking about the Arnaults because of the family s obsession with discretion. The expansive LVMH empire employs , people, and the group s shining star, Louis Vuitton, is the most valuable luxury brand in the world. He has built a conglomerate that has no equivalent at all in the luxury industry, the luxury industry veteran said of Bernard. By far, LVMH is more powerful and has more resources than any other group or any single brand that you can think of in the luxury industry. Bernard Arnault took control of LVMH in and grew the conglomerate from nine maisons to brands and a high of nearly $ billion in revenue in . The chairman and CEO, who today holds a .% stake in LVMH, has been nicknamed the wolf in the cashmere coat for his aggressive business tactics and demeanor. At least some of this appears to have rubbed off on Alexandre. Anthony Ledru, Tiffany s CEO who joined the company from Louis Vuitton in January, described Alexandre as a risk-taker who is motivated by winning and, above all, by creating change. Provided by Business Insider Karl Lagerfeld and Bernard Arnault in Paris in . Bertrand Rindoff Petroff Images Bernard s wealth has grown at an astonishing rate, even by billionaire standards. Since January , Bernard has more than doubled his net worth and surpassed Bill Gates and Mark Zuckerberg to become the world s third-richest person. It s the kind of wealth that can buy a private island in the Bahamas, a jet, homes in Paris, the French Riviera, and Los Angeles, and an art collection with pieces by Jean-Michel Basquiat and Picasso. Alexandre is Bernard Arnault s third child, and his first with his second wife, the concert pianist Hélène Mercier-Arnault. Like his mother, Alexandre is an accomplished pianist: His bio link shows him performing a Chopin concerto alongside an ensemble orchestra. And like his dad, he has a taste for spending when the occasion calls for it. For Valentine s Day this year, Alexandre booked out a Michelin-starred Manhattan restaurant, Carbone, for dinner with his fiancée, the fashion designer Geraldine Guyot. Growing up, Alexandre would spend his Saturdays in LVMH brand stores, he told a French news outlet in : My vacations often included visits to stores in other countries. Provided by Business Insider From left: Frederic, Delphine, Antoine, Bernard, Helene, and Alexandre Arnault. Chesnot Images This proximity to the business empire has extended well into adulthood. Bernard s children are a who s who of LVMH power players. His oldest child, Delphine, , is an executive vice president of Louis Vuitton. The second oldest, Antoine, , is the CEO of Berluti, chairman of Loro Piana, and head of image, communications, and environment for LVMH. Alexandre s younger brother, Frederic, , was last year named CEO of Tag Heuer. And finally, there s -year-old Jean, who s still a student and hasn t joined the group - yet. Most industry watchers have no doubt that the next leader of LVMH will be one of the Arnault children. Bernard Arnault lives and breathes luxury, said Erwan Rambourg, the author of Future Luxe. He s obsessed - in a good way. I don t think he s a man that will say, Oh, I ll take a bit of distance and leave it to a CEO who is not part of the family. In a documentary, Bernard himself said of his children, At least one of them will show themselves capable of taking over. When asked if Bernard stood by this comment, the LVMH representative said, As said by Arnault in the book Les Grands Fauves : I put my children in the bath. At the moment I observe their way of swimming. With a life that has revolved around LVMH, Alexandre grew up rubbing shoulders with celebrities and business moguls. And with an impeccably groomed -foot frame and a penchant for stylish, understated suits, he blends into these crowds. At a Louis Vuitton fashion show in Paris in January , Alexandre sat in the front row with David Beckham. At another show in June, he was sandwiched between Rihanna and Bella Hadid. Proving that wealth really does increase proximity to other wealth, he s met Jeff Bezos - whom he called one of his idols - and Warren Buffett. He knows everyone. So he ll call up Pharrell Williams or Jay-Z or whoever. That s the crowd he hangs out with. Alexandre is well connected to leaders in the tech world, like Snap founder and CEO Evan Spiegel, who met the Arnault family through Delphine s partner, the French tech billionaire Xavier Niel. Spiegel, , said it s not necessarily charisma that helps Alexandre cultivate his business relationships. He s very good at building trust with people because he communicates and operates in a really honest way, Spiegel told Insider on a recent phone call. And I think that s really valued in the business world. Among the ultrarich, a well-maintained friendship can be the basis of a lucrative business deal - and vice versa. He knows everyone, Rambourg said. So he ll call up Pharrell Williams or Jay-Z or whoever. That s the crowd he hangs out with. And, as evidenced by at least one recent high-profile deal, he seems to be adept at leveraging this impressive roster of friends in business transactions. Earlier this year, LVMH announced it was buying half of Jay-Z s Champagne brand, Armand de Brignac, for an undisclosed amount. Alexandre brokered the deal. The two met several years ago when Jay-Z was in Paris with Kanye West, according to The Wall Street Journal, and they talk on the phone at least once a month, the rapper told The New York Times in February, adding that Alexandre always keeps his word and is very punctual. Josh Udashkin, Rimowa s former managing director for North America, said of Alexandre: He is networking and networking nonstop. Alexandre s talent for leveraging celebrity also came through in his four years at the helm of Rimowa. After famously persuading his father to acquire Rimowa for $ million in , Alexandre came on board at as co-CEO alongside Dieter Morszeck. At the time, Alexandre s only work experience outside of LVMH was two summers in and , when he worked in New York at the consulting firm McKinsey and then at the investment firm KKR. His youth did not go unnoticed. When you come and work for a -year-old CEO, obviously you have to ask yourself the question how it s going to go, said Hugues Bonnet-Masimbert, Rimowa s former executive vice president who was appointed CEO when Alexandre left in January. But Bonnet-Masimbert also said Alexandre s youth was one of his biggest strengths: He does not accept the traditional luxury way of looking at things. Provided by Business Insider Arnault at a dinner to celebrate the th anniversary of Rimowa s aluminium suitcase in Paris in . Bertrand Rindoff Petroff Images for Rimowa Tom Nelson, a former executive vice president and North America managing director for Rimowa, said Alexandre picked up his father s sophistication. Brilliant young kid, very well schooled, well heeled, Nelson added. You wouldn t have thought he was when you met him. Under Alexandre s leadership, the brand raised prices by an average of %, launched a line of sunglasses and backpacks, and opened boutiques in places like Soho and Berlin. But its biggest buzz was generated by collaborations, one of which started as an DM between Alexandre and Virgil Abloh, the founder of fashion house Off-White. The resulting Off-White x Rimowa collection, which included a $, transparent cabin suitcase, sold out within a week of its launch in . That same year, people lined up around the block to get their hands on the red-and-white suitcases designed in collaboration with the streetwear brand Supreme. Provided by Business Insider Virgil Abloh with an Off-White x Rimowa suitcase at Paris Fashion Week in . Tristan Fewings Images By the time Alexandre moved on from his post as CEO of Rimowa, an outsider might have had the impression the German luggage company was a nimble startup, not years old. Rimowa was always a brand that people saw as being premium, very practical and functional, but it wasn t necessarily culturally relevant until it started making relevant associations with other brands from a collaborative perspective, Miraflor, the strategist, said. The legacy is you move from a relatively dull, little known, high-quality German luggage manufacturer to a pretty hip, sexy, collab-driven diversified company, Rambourg said. But his time there was not without criticism. In his revamp of Rimowa, Alexandre cut loose several members of the leadership team and replaced them with a mix of longtime LVMH executives and luxury outsiders. The circumstances surrounding the departure of the former CEO, Morszeck, the grandson of Rimowa s founder who ran the company for years before the acquisition, are murky. Provided by Business Insider Dieter Morszeck and Arnault in Paris in March . Bertrand Rindoff Petroff Images The LVMH representative said Morszeck and Alexandre led Rimowa as co-CEOs until January , when Alexandre became the sole CEO following a smooth transition that began in January . One former Rimowa executive, however, said Morszeck had expected to stay at the company long-term but was gradually pushed out of his role before because LVMH was not happy with his performance. LVMH declined to comment on this allegation. Morszeck once said he thought of Alexandre as a son, but their relationship soured over disagreements about how to run the company, the former executive said. The LVMH representative said this was unfounded. Since the acquisition, countless news articles about Rimowa have referred to Alexandre as the sole CEO with Morszeck described as the former chief executive or not mentioned at all. Morszeck did not respond to requests for comment. The former IT employee, who has worked for other LVMH brands, said that Rimowa employees felt intense pressure to cut expenses. This is something that I never saw in any other maison, he said. You don t look at the expenses when you are working for Louis Vuitton or Christian Dior. Of course there s a budget, but if you need more money because a product needs to be improved, they don t care. The LVMH representative denied this claim: Alexandre s priorities were clear: no compromise on quality and an obsession for continuous improvement. Like many celebrities, millionaires, and businesspeople, Alexandre carefully controls his image. He s given his , followers glimpses into his life with photos with his younger brothers on vacations in Greece and Sicily, and of his fiancée wearing a $, Tiffany necklace. But when I interviewed him last November for a different story, questions about his family were strictly off limits. Even questions about book recommendations were deemed too personal. Provided by Business Insider Alexandre with his now-fiancée, Geraldine Guyot, at a fashion show in Paris in February . Victor Boyko Images And while the executive is said to be able to turn on the charm when he wants to make a deal, he didn t always bother when it came to his own employees, some former Rimowa staffers said. At Rimowa, some saw the young CEO as standoffish, a perception reinforced when he failed to show up to the holiday party. The LVMH representative said Alexandre always tried his best to attend Rimowa s social events and couldn t attend the holiday party due to unforeseen circumstances. Alexandre, who split his time between Rimowa s headquarters in Cologne and its offices in Paris, didn t bother to make small talk with employees at the office or at company events, some said. Some felt that at company happy hours at various bars in Paris, Alexandre seemed to exist in an insular orbit. He would talk only to his executive vice president of sales, Hugues Bonnet-Masimbert, now Rimowa s CEO, according to the former IT employee. And when the employee passed by Alexandre in the office, he said Alexandre would never wave or say hello even though they frequently spoke in meetings. Sometimes I see videos of him in interviews and he s really good at outside communication like this, the former IT employee said. But in regular social interaction, I think he has a lot of improvement to do. It was a similar story in the Cologne office, where the former executive said Alexandre spoke only to guys he knew from Paris or from the LVMH group. The former administrative employee in Paris said she got the sense that Alexandre didn t know how to act around his employees. He came into the job so young - he didn t have any experience of managing, she said, adding: I don t know if he had the time to try to figure out his management style and how to act with his employees. The LVMH representative said Alexandre is an approachable leader, with his door always open. He spent time with employees in both factories and stores, and made numerous visits across the company. Tiffany is LVMH s biggest acquisition ever and the largest deal ever made in the luxury industry. Alexandre s appointment as the brand s executive vice president is an indication of just how important the jeweler is to his father, Rambourg, the luxury analyst, said. From a very cynical point of view, he was put there as a sign that his father considers that this is a very, very important asset for the group, Rambourg said of Alexandre. And so you want to have some family skin in the game. Tiffany is where LVMH plans to devote all its resources, the group s chief financial officer, Jean-Jacques Guiony, said in April according to WWD. It could also be viewed as a pain point - and a test of Alexandre. In , The Wall Street Journal referred to Tiffany as a brand with a midlife crisis. In , % of Tiffany s sales came from jewelry categories with an average price of under $, which luxury experts said was hurting the jeweler s air of exclusivity, The Journal said. Everyone knows Tiffany, but everyone knows the sort of stale Tiffany, where you walk into a store and it s pretty cold and it s white and blue and dull, and you have old white men like me standing behind the counter hoping that you ll push the door, Rambourg said. It s not exactly a super-exciting experience given the prices you re paying. Six months into his role as Tiffany s head of product and communications, Alexandre s touch on the brand has started to show up in the types of celebrities the company has signed and a distinct new playfulness. Alexandre brings this youthful approach, the connection with the young generation, very inclusive, very modern, very contemporary, the industry veteran said. At the Golden Globes in March, major Hollywood stars Gal Gadot of Wonder Woman and Anya Taylor-Joy of The Queen s Gambit were adorned in Tiffany jewels. On April Fools Day, the jewelry house pranked its customers on social media by pretending that it was changing the brand s signature color from Tiffany blue to bright yellow. It s completely quirky, but it s hilarious, Rambourg said. The amount of buzz they had on that was off the charts. The company is taking steps to gain traction with the Asian female consumer, Rambourg said, an area in which it lags behind the competition, such as Cartier. Under Alexandre, Tiffany has named the Chinese freestyle skier Eileen Gu and popular K-Pop singer Rosé from the band Blackpink, one of the best-selling K-pop groups of all time, as new ambassadors. Provided by Business Insider Rosé s face on the side of Tiffany s flagship store on th Avenue in New York in . TIMOTHY A. CLARYAFP via Images In March, Alexandre hired former Revlon creative director Ruba Abu-Nimah as Tiffany s new creative director, which the brand strategist Michael Miraflor described as a savvy move. She has the experience, the network, and a finger on the pulse of what modern consumers desire, Miraflor said. Four months after Arnault came on board, Tiffany canceled its daily print ad in The New York Times after years and put its money toward digital ads at the paper, WWD reported. In June, Tiffany launched a sultry new ad campaign featuring skin-baring models and taglines like Big Drip and Swagged Out. A clear departure from Tiffany s demure, traditional campaigns before the LVMH acquisition, the ads were provocative, sexy and did not feature Tiffany s signature blue anywhere, Miraflor pointed out. Ledru, Tiffany s CEO, said it s not just youth and being a digital whiz that makes Alexandre a successful luxury executive. I truly believe he understands the fundamentals of luxury, which is the importance of history, the heritage, the formation, Ledru said. He s been exposed to the business for quite a long time and he started a bit earlier than most of us. In the potential battle for succession of the world s largest luxury empire, Alexandre could be seen as an underdog. He s younger and less experienced than his siblings Delphine and Antoine, and he doesn t sit on LVMH s board, which they joined at age and . But one luxury expert told Insider that he would bet on Alexandre being the front-runner, with the next-most-likely heir being his younger brother, Frederic. Bernard s choice will depend on whether he wants to replace himself with his mirror image, or a more extroverted version of himself, the luxury expert said. If he wants the future to be run by someone who s a sort of look-alike in terms of personality, that ll be Frederic, he said. If he wants to shake things up a bit and have someone who s a bit bolder and a bit louder and a bit more visible, that ll be Alexandre. Provided by Business Insider Bernard with his sons Alexandre, Frederic, and Jean at the The Roland Garros French Open in Paris in June . CHRISTOPHE ARCHAMBAULTAFP via Images Alexandre s ability to sense what is culturally relevant makes him LVMH s not-so-secret weapon, Miraflor said. And it doesn t hurt that he s traditionally handsome enough to make it on to lists like hot heirs of fashion dynasties. Alexandre s appointment at Tiffany, LVMH s biggest ever purchase, may be the biggest sign that he has his father s trust, but it s not the only sign. Of all his children, Bernard chose Alexandre to accompany him to New York to meet then President-elect Donald Trump in January . In , Alexandre took over his father s board seat at Carrefour, the French grocery market chain that s the eighth-largest retailer in the world. As for Alexandre s own ambition, he may stay mum on the topic, and many others, but hints of his auspicious future were there all along. When Alexandre was six years old, he attended an event at a Paris museum with his mother. What does he want to do when he grows up? Mercier-Arnault told a reporter from Le Figaro newspaper. Sailor or big boss, like papa.
LONDON — The coronavirus pandemic has further widened the U.K. s wealth gap, with the richest % of households seeing an average gain of £, $, during the crisis, according to a new report. The U.K. s poorest households, meanwhile, saw their wealth grow by just £ on average between February and May , according to estimates by the Resolution Foundation think tank. In a report published on Monday, the Resolution Foundation estimated that the U.K. s total household wealth had grown by £ billion over the past year, representing a % increase on pre-pandemic levels. The authors of the report, Resolution Foundation senior economist Jack Leslie and researcher Krishan Shah, said the Covid- pandemic is the first UK recession in at least years in which wealth has increased. They said two factors had driven this jump in total wealth. Firstly, people were able to save more and pay down debt due to the U.K. s lockdown forcing them to stay at home and spend less. And secondly, the value of assets, like housing, had grown over the past year. For example, the report found that U.K. house prices had climbed % since the start of the pandemic. Both of these factors, the authors said, were particularly applicable to the country s richest households. By comparison, the poorest households were more likely to see savings decrease and were less likely to pay off debt, particularly in the case of those who lost their jobs, were put on the U.K. government s job retention scheme, known as furlough, or had their pay cut during the pandemic. Leslie and Shah said this bifurcation in the behavior of households … will have longer-term impacts on financial resilience and well-being. They said that the wealth gap between the richest and even the median household grew by £, during the pandemic. The report s findings were calculated by using modelling data, results from Resolution Foundation s own survey and a separate survey from the U.K. s Office for National Statistics, which looked at household wealth and assets.