25 Richest Billionaires in Fashion and Retail Industry
In this article, we discuss the 25 richest billionaires in the fashion and retail industry. To skip the detailed analysis of the fashion and retail industry, go directly to The 5 richest billionaires in the fashion and retail industry.
The Fashion and Retail Industry: A Future Outlook
The fashion and retail industry is one of The largest industries in the world. according to a report According to Research and Markets, the value of the international retail market was approximately $28.84 trillion in 2023. The value of the global retail market is expected to reach $42.75 trillion by 2028, with a compound annual growth rate of 8.1%. In comparison, the global fashion retail market will be worth $91.25 billion in 2023, according to A a report Powered by Zion Market Research. The global fashion retail market is expected to grow to $157.88 billion by 2032 at a CAGR of approximately 7.09% between 2024 and 2032.
The global fashion retail market was sluggish in 2023 and faced challenges. According to Mackenzie Fashion a report By 2024, Europe and the United States saw slow growth in 2023, while China’s fashion market initially performed better before declining in the second half of the year. However, the luxury segment of the fashion industry initially witnessed notable growth, but it also began to take the impact of weak demand in the latter half of 2023. In 2024, things are not expected to be much different due to high uncertainty and economic slowdown. Growth, persistent inflation, and weak consumer confidence. According to McKinsey forecasts, the global fashion industry will see overall growth of 2% to 4% in 2024, with the luxury sector expected to generate the largest share of economic profits. The luxury fashion sector is expected to grow 3% to 5% globally in 2024, compared to 5% to 7% in 2023. The US fashion market is expected to rebound after relatively weak in 2023. US, UK, Switzerland , Australia and Denmark are some of them Countries that produce the best fashion designers in the world.
The retail industry is also facing challenges due to ongoing geopolitical conflicts. The Red Sea is currently the center of attention for world trade because it serves as the gateway to the southern entrance to the Suez Canal. according to a report By Kiel Trade Red Sea container shipping volume fell from 500,000 TEUs per day in November 2023 to 200,000 TEUs per day in December 2023, representing a 66% decline from the expected volume based on 2017 to 2019 data.
Top players in the fashion and retail industry
Notable fashion and retail companies include LVMH Moet Hennessy Louis Vuitton SE (EPA:MC), L’Oreal SA (EPA:OR), and Walmart Inc. (NYSE:And die). These companies are among the leaders in the fashion and retail space, considering their market share and global presence.
LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) is one of the best fashion companies in the world. The company owns some luxury companies and The most expensive fashion brands Including Louis Vuitton, Dior, Givenchy, and Tiffany & Co., among others. On April 18, LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) Announce Dividends for fiscal year 2023. LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) shareholders received a dividend of €13 per share for fiscal year 2023. The dividend was in two installments including €5.50 paid on December 6, 2023, and the remaining balance The amount of €7.50 was paid on April 25, 2024. The trading deadline for the dividend rights was April 22.
L’Oreal SA (EPA:OR) is one of the largest multinational personal care companies. On February 9, L’Oreal SA (EPA:OR) Announce It has signed a long-term licensing agreement with Prada SpA (OTC:PRDSY) to produce luxury beauty products for the Miu Miu brand. Miu Miu joins L’Oreal SA’s (EPA:OR) Luxe division for a new beauty chapter after a successful collaboration with Prada SpA (OTC:PRDSY).
Walmart Inc. (NYSE:WMT) is one of… The largest retailers in the United States and the world. The company is progressing well and plans to invest about $1 billion in training and career development by 2026. On April 25, Walmart Inc. (NYSE:WMT) subscriber Its annual report for fiscal year 2024. The company is focused on doubling the skills certifications paid through the Live Better U education benefit and creating new jobs. Walmart (NYSE:WMT) is ranked No. 1 on the Fortune 500 list. Here’s what the company’s president and CEO, Doug McMillon, had to say in his article Annual letter To shareholders and partners:
“We finished another year with strong results. We defined a financial framework last year that included growing operating income faster than sales, and we are executing on it. For fiscal 2024, net sales rose more than six percent, and profits grew faster. This includes more than $100 billion in e-commerce sales with the bottom line improving and operating cash flow at $36 billion, revenues up over 200 basis points and stock and inventory levels finished in a great place, and the 9% increase in dividends we announced This is the largest increase in more than 10 years for the current fiscal year.
The global fashion and retail industry has some of the largest markets across the globe. In this context, let’s take a look at the 25 richest billionaires in the fashion and retail industry.
The 25 richest billionaires in the fashion and retail industry
Our methodology
We collected data on the 25 richest billionaires in the fashion and retail industry from Forbes Real time billionaires index. This list of billionaires from the fashion and retail industry is ranked in ascending order of billionaire net worth, as of April 24.
The 25 richest billionaires in the fashion and retail industry
25. Anders Holch Povlsen
Net worth: $12.4 billion
Anders Holch Povlsen mainly earns his wealth from the best-selling retail store. Povlsen also owns significant stakes in online grocery store Nemlig, retailer ASOS plc (LON:ASC), and payments company Klarna. Anders Holch Povlsen is ranked 25th among the richest billionaires in the fashion and retail industry.
24. Ricardo Salinas Plejo
Net worth: $12.7 billion
Ricardo Salinas Pliego runs his grandfather’s company, Grupo Elektra, SAB de CV (BMV:ELEKTRA), a leading Mexican retailer. Ricardo Salinas Plego is worth approximately $12.7 billion.
23. Theo Albrecht Jr
Net worth: $13.3 billion
Theo Albrecht Jr. inherited one of the world’s greatest retail fortunes, the Aldi department store chain. With a net worth of approximately $13.3 billion, Theo Albrecht Jr. ranks among the richest billionaires in the fashion and retail industry.
22. David Green
Net worth: $13.5 billion
David Green founded the craft retailer, Hobby Lobby, in 1970. Green serves as the company’s CEO.
21. Christy Walton
Net worth: $13.6 billion
Christy Walton inherited a stake in Walmart Inc. (NYSE:WMT) from her late husband, John Walton. Christy Walton has a net worth of approximately $13.6 billion and ranks among the richest billionaires in the fashion and retail industry.
20. Leonard Lauder
Net worth: $15 billion
Leonard Lauder is Chairman Emeritus of cosmetics giant, The Estée Lauder Companies Inc. (NYSE:the). Lauder has served the company for nearly three decades and has a net worth of $15 billion.
19. Hester, Beate
Net worth: $15.1 billion
Beate Heister is the daughter of Karl Albrecht Sr. and inherited the fortune in the Adli retail company. Betty Hester is the 19th richest billionaire in the fashion and retail industry.
18. Carl Albrecht Jr
Net worth: $15.1 billion
Carl Albrecht Jr. is Betty Hester’s brother and has a net worth of approximately $15.1 billion.
17. Nicola Butsch
Net worth: $15.5 billion
Nicolas Busch is the fifth-generation descendant of Thierry Hermes, who founded the iconic French luxury brand Hermes International SCA (EPA:RMS). Nicola Busch owns 5% of the company and is one of the richest billionaires in the fashion and retail industry.
16. Stefan Persson
Net worth: $18.2 billion
Stefan Persson is Sweden’s richest person and owns about 36% of H&M Hennes & Mauritz AB (STO:HM-B), which was founded by his father. Stefan Persson has an estimated net worth of $18.2 billion.
15. Radhakishan Damani
Net worth: $21.1 billion
Radhakishan Damani has a diversified portfolio with a net worth of approximately $21.1 billion. Damani became a retail giant in India after the IPO of his supermarket chain Avenue Supermarts Limited (NSE:DMART) in March 2017. Radhakishan Damani is ranked 15th richest billionaires in the fashion and retail industry.
14. John Maynard Jr
Net worth: $23 billion
John Menard Jr. founded the home improvement company Menards. With a net worth of $23 billion, John Maynard Jr. is one of the richest billionaires in the fashion and retail industry in 2024.
13. François Pinault
Net worth: $25.9 billion
François Pinault is the chairman of French luxury group Kering SA (EPA:KER). François Pinault has a net worth of approximately $25.9 billion.
12. Lucas Walton
Net worth: $27.9 billion
Lucas Walton is the grandson of Walmart (NYSE:WMT) founder Sam Walton. With his inherited fortune in one of the world’s largest retailers, Lucas Walton ranks among the richest billionaires in the fashion and retail industry in 2024.
11. Alan Wertheimer
Net worth: $36.4 billion
Alain Wertheimer is the president of the French luxury brand Chanel. Alan Wertheimer is worth approximately $36.4 billion.
10. Gerard Wertheimer
Net worth: $36.4 billion
Gerard Wertheimer is the 10th richest billionaire in the fashion and retail industry in 2024. Gerard Wertheimer is Alain’s brother and oversees the watch division at Chanel.
9. Dieter Schwarz
Net worth: $36.7 billion
Dieter Schwarz runs the leading German multinational retail company, Schwarz Group. Dieter inherited the company from his father, Joseph Schwarz.
8. Phil Knight
Net worth: $39.6 billion
Phil Knight is the co-founder of the popular sportswear and apparel retailer, NIKE, Inc. (New York Stock Exchange symbol: NYSE:Nicky). Phil Knight has a net worth of approximately $39.6 billion and is ranked eighth among the richest billionaires in the fashion and retail industry.
7. Tadashi Yanai
Net worth: $40.4 billion
Tadashi Yanai founded and runs the clothing retail empire Fast Retailing Co., Ltd. TYO:9983. Tadashi Yanai has a net worth of approximately $40.4 billion.
6. Alice Walton
Net worth: $72 billion
Alice Walton is the only daughter of Sam Walton and her net worth is approximately $72 billion. Alice Walton is ranked sixth among the richest billionaires in the fashion and retail industry.
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disclosure. no one. The 25 richest billionaires in the fashion and retail industry Originally published on Insider Monkey.
