"Maybe the current global situation, be it geopolitical or macroeconomic, doesn't lead people to cheer up and open bottles of champagne," Jean-Jacques Guiony, LVMH's chief financial officer, said.
Despite the latest wipeout, the 75-year-old still has $182 billion to his name, according to Bloomberg's Billionaires Index, showcasing the immense wealth retained.
Arnault's fortune peaked at an all-time high of $231 billion, but has drastically fallen with a $54 billion cut in net worth due to dwindling sales.
LVMH's share price drop followed a 3% decrease in third-quarter sales to €19.1 billion, highlighting struggles in the luxury market, particularly in China.
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