Bernard Arnault, chairman and CEO of luxury brand group LVMH, has become the world’s second-richest person, overtaking Microsoft founder Bill Gates.
As of Thursday, Arnault is worth $300bn (£240bn), Forbes magazine reported. It is the first time since 2008 that Gates, currently worth $102.9bn (£82bn), has not held first or second spot in the world’s richest ranking.
Arnault has been chairman and CEO of LVMH since 1989. In April, he and the group donated €200m (£172.6m) to help finance the reconstruction of Notre-Dame Cathedral, after it was ravaged by fire.
LVMH reported a 20% jump in reported sales in its fashion and leather goods division to £5.1bn for the three months to 31 March.
Earlier this week the group snapped up a minority stake in British designer Stella McCartney’s eponymous brand. McCartney will maintain ownership, as well as her position as creative director and ambassador of Stella McCartney.