Foreign
Europe’s richest man dubbed “wolf in cashmere” overtook Elon Musk as world’s wealthiest
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Bernard Arnault is the European fashion tycoon and owner of some of the world’s biggest brands who once dethroned Elon Musk as the world’s richest person after being valued at a staggering $200 billion.
Dubbed the “wolf in cashmere”, Arnault is the man behind some of the world’s best-known luxury brands, owning nearly all of Christian Dior and more than 40pc of LVMH, the company behind Louis Vuitton, Givenchy, Moët & Chandon and more.
The 75-year-old Frenchman wasn’t always a fashion mogul, with a humble beginning in his father’s construction company and a brief stint in real estate. The change came when he purchased a struggling Boussac aint-Freres, the owners of Christian Dior in the 1980s.
Getting his first taste in the luxury world Arnault he quickly became of infamous for his aggressive business practices earning him the nickname “The terminator”.
His devoted faith in the luxury goods market over has always been clear. Recounting a conversation with Steve Jobs to the New York Times he said: “Steve Jobs once asked me for some advice about retail, but I said, ‘I am not sure at all we are in the same business.’ I don’t know if we will still use Apple products in 25 years, but I am sure we will still be drinking Dom Pérignon.”
His wealth rapidly expanded after the merging of Louis Vuitton and Moet Hennesey where, over the next four decades, he began to sweep up the luxury goods sector with brands such as Bulgari, Belvedere, Kenxo, Dom Perignon, Givenchy, Tag Heuer and French beauty chain Sephora all coming under his umbrella.
His companies have continued to boom in the post-pandemic world, with LVMH reporting a revenue of $93.2 billion last year, briefly dethroning Elon Musk in March to become the world’s richest man. A dip in the stock led his worth to fall slightly but he still remains the only non-American in the top 10 of the Forbes billionaire list – a clear outlier being surrounded by U.S tech tycoons like Meta’s Mark Zuckerberg and Google’s Larry Page.
He is known to be a ruthless operator, having engaged in a longstanding public battle against rival Francois Pinault, the founder of direct competitor Kering, owner of Yves St.Laurent. According to Forbes, the feud goes back to 1999 when LVMH lost to Kering in the battle to acquire Gucci and with Arnault holding a grudge ever since.
Russian authorities have accused Ukraine of carrying out a deadly drone attack on a university complex in Starobelsk, in the Russian-controlled Luhansk region, claiming that 21 students were killed in the strike.
According to a statement circulated by Russian officials, the attack occurred on the night of May 22 and targeted the academic building and dormitory of Lugansk State Pedagogical University.
Russian authorities alleged that 16 unmanned aerial vehicles (UAVs), including four heavy drones, were deployed in three waves during the operation.
Officials described the incident as one of the deadliest attacks on a civilian educational facility in the region since the outbreak of the Russia-Ukraine war, claiming that the victims were students residing in the university dormitory.
“Just a week ago, they were students with dreams, plans and a future. Today, all that remains are photographs, memories and unbearable grief,” the statement said.
The authorities further alleged that the strike was deliberate and targeted civilians rather than military infrastructure.
The claims could not be independently verified, and Ukrainian authorities had not publicly responded to the allegations at the time of filing this report.
Since the start of the conflict, both Russia and Ukraine have repeatedly accused each other of carrying out attacks on civilian infrastructure, allegations that are often difficult to verify independently due to ongoing hostilities and restricted access to affected areas.
The reported incident has renewed concerns among humanitarian organizations about the impact of the war on educational institutions and young people caught in the conflict.
The Russia-Ukraine war, now in its fifth year, has resulted in thousands of civilian casualties, widespread displacement and extensive damage to homes, schools, hospitals and critical infrastructure across both countries.
International observers have consistently called for independent investigations into attacks involving civilian casualties, regardless of the parties involved, to establish the facts and ensure accountability under international humanitarian law.
Iran’s foreign ministry on Tuesday accused the United States of violating a fragile ceasefire during the past 48 hours in the southern coastal province of Hormozgan, without specifying the incident.
“The US terrorist army, continuing its illegal and unjustified actions since the ceasefire … has, in the past 48 hours, committed a gross violation of the ceasefire in the Hormozgan region,” the ministry said in a statement.
The US Central Command said forces had on Monday attacked missile sites and boats it said were trying to lay mines in the Gulf, while Iran’s Revolutionary Guards said it had fired at US aircraft attempting to enter the country’s airspace.
AFP
Iranian President Masoud Pezeshkian has ordered the restoration of international internet access in Iran, which had been suspended since the United States and Israel launched attacks against the country, local media reported Monday.
“The decree aimed at restoring internet access to its pre-January state was communicated to the Ministry of Communications by the president,” Iranian news agencies Tasnim and Fars reported.
Authorities shut down the internet during large-scale anti-government protests that peaked in early January, then suspended it again on February 28 at the start of the Middle East war.
Since then, the population has only had access to domestic platforms and websites.
AFP
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