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<ul><li><keyword id="11310945" type="UNKNOWN" weightage="20" keywordseo="bernard-arnault-and-family">Bernard Arnault and family</keyword>, have become the world’s richest beating Jeff Bezos -- owner of the biggest online retail platform Amazon, according to Forbes.</li><li>Arnault spent $538 million dollars in recent months acquiring shares of his own French label brand controlled by him and his family.</li><li>The fashion conglomerate recorded a revenue of €44.7 billion in 2020, downfall in sales growth by 17%.</li></ul><keyword id="309765" type="PERSON" weightage="20" keywordseo="Bernard-Arnault">Bernard Arnault</keyword> and family, owners of the Louis Vuitton Moet Hennessy (LVMH) -- world’s leading fashion luxury goods company, have become the world’s richest with a net worth of $186.2 billion, beating Jeff Bezos -- owner of the biggest online retail platform Amazon, according to Forbes. Arnault spent $538 million dollars in recent months acquiring shares of his own French label brand controlled by him and his family. He had overtaken the world’s second richest person Elon Musk -- SpaceX and Tesla owner, after reporting a first quarter revenue of €14 billion in 2021, which surged by 32% as compared to first quarter of 2020. Also, in January 2021, LVMH made the largest luxury fashion business deal by acquiring America’s largest jewellery maker Tiffany &amp; Co. for $15.8 million. The fashion conglomerate recorded a revenue of €44.7 billion in 2020, downfall in sales growth by 17%. The fashion group also witnessed a decline in organic revenue by 16% in 2020, as compared to 2019 due to the serious health crisis which resulted in closure of the group’s stores and manufacturing sites in most countries over a period of several months. The world’s ultimate taste-maker oversees an empire of 70 brands including Louis Vuitton, Sephora, Tiffany &amp; Co, Stella McCartney, Gucci, Christian Dior, Givenchy which are independently managed and operated under the LVMH umbrella. SEE ALSO: <a href="https://www.businessinsider.in/science/environment/news/super-cyclone-yaas-everything-you-need-to-know-about-this-cyclone/articleshow/82900888.cms">Cyclone Yaas may have a shorter lifespan than Amphan, but that doesn’t mean it will be any less destructive</a> <a href="https://www.businessinsider.in/india/news/the-number-of-working-women-in-india-has-been-steadily-declining-heres-why/articleshow/82823052.cms">The number of working women in India has been steadily declining, here’s why</a> <a href="https://www.businessinsider.in/business/startups/news/esper-an-android-based-development-platform-raises-30-million-as-pandemic-accelerates-adoption-of-intelligent-devices/articleshow/82822560.cms">Esper, an Android-based development platform, raises $30 million as pandemic accelerates adoption of intelligent devices</a>

Bernard Arnault, owner of Louis Vuitton, beats Jeff Bezos; becomes the richest man in the world

<ul><li><keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> may buy a 26% stake in <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> as it looks to expand its offline presence.</li><li>Reliance Retail has 10,644 stores in India and its profits grew by 70% in the last financial year. </li><li>Amazon is also reportedly in talks with Kishore Biyani’s Future Group.</li></ul>Global e-retail giant Amazon is looking to acquire a 26% stake in Reliance Retail, according to a <a href="https://economictimes.indiatimes.com/industry/services/retail/amazon-may-shop-for-stake-in-reliance-retail/articleshow/70474456.cms">report by the Economic Times.</a> The two companies are reportedly in initial talks. While Amazon refused to comment on speculation, Reliance told ET that the company evaluates various opportunities at the same time and would make necessary announcements as is required by SEBI’s rules. Amazon holds 30% of the e-commerce market in India and is looking to hold on to a larger market share in the country. But that’s not enough because e-commerce still makes for only 3% of the country’s total retail market and Jeff Bezoz does not want to miss out on the money he can make from physical stores in India. With the recent changes in Indian e-commerce and the draft e-commerce policy not falling in favour with the likes of Amazon, physical retail seems to be the attractive option now. The deep discounting offered by the online retail giants will be off the shelves, which could once again turn the consumer’s attention to physical stores – where Reliance already has a major presence. Moreover, with the Narendra Modi government seems in no mood to ease its stance on the e-commerce policy and Amazon needs to find other ways of making good the losses. And that’s why it needs to reduce the risk of depending solely on a price-sensitive e-commerce market. Instead of investing in its own stores, the US-based company is looking to pick a stake in existing retailers. It had already attempted one with Kishore Biyani’s Future Group, <a href="https://www.thehindubusinessline.com/info-tech/amazons-stake-acquisition-in-future-retail-is-back-on-track-likely-to-be-announced-next-month/article26378967.ece">which is still in the works</a>. That leaves one of India’s largest physical retailers, Reliance Retail, owned by Asia’s richest man, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>. Why Reliance Reliance Retail has 10,644 stores across 6,700 cities, with 100 million registered loyalty customers, and saw 150 million footfalls in their stores in the previous year. For the last financial year, Reliance Retail posted robust pre-tax profits today as it grew by around 70%, to ₹2,049 crores in the first quarter of 2019-20 as compared to ₹1,206 crore last year. Reliance Retail operates Reliance Fresh, Reliance Smart and Reliance Market stores, while in consumer electronics it has Reliance Digital, Reliance Digital Express Mini stores and Jio stores. In the fashion &amp; lifestyle segment, it has Reliance Trends, Trends Women, Project Eve, Reliance Footprint, Reliance Jewels and AJIO.com. Earlier this year, Reliance Retail had acquired the iconic British toy making company Hamley’s and in July completed the 100% acquisition of the company for a <a href="https://www.businesstoday.in/current/corporate/mukesh-ambani-reliance-brands-completes-100-acquisition-of-hamleys/story/365664.html">reported</a> amount of ₹620 crore. Meanwhile, there are also reports that Reliance Retail is bringing the iconic American brand <a href="https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/reliance-to-launch-iconic-jewelry-brand-tiffany-co-in-india/articleshow/70254628.cms">Tiffany &amp; co </a>to India, as per an ET report. The brand could be housed in the luxury mall that Ambani is planning to open next year in the Jio World Centre in Bandra Kurla Complex in Mumbai. How Amazon can help Ambani Reliance Retail has also been evaluating opportunities. It was earlier reportedly in talks with the Chinese e-retail giant Alibaba, but the deal fell through. Reliance, with its bets with Jio, has <a href="https://www.livemint.com/Money/oi23Lg12aO3MWoBs0Ha5MJ/RIL-Q3-result-Flat-profit-rising-debt-are-a-growing-worry.html">been piling up debt </a>even while the business grows. The main cash earner for Reliance is still its <a href="https://www.businessinsider.in/reliance-jio-and-reliance-retail-may-help-mukesh-ambani-rils-quarterly-earnings/articleshow/70274830.cms">petrochemical business</a> but with its falling profits it would need help from Jio and Retail. So, the money from selling stake to Amazon would help Reliance deal with the rising cash burn and clear some of the debt.

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Bernard Arnault, owner of Louis Vuitton, beats Jeff Bezos; becomes the richest man in the world

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Here's why Jeff Bezos may want a stake in Mukesh Ambani's Reliance Retail

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