In this article, we discuss the 25 richest billionaires in fashion and retail industry. To skip the detailed analysis of the fashion and retail industry, go directly to the 5 Richest Billionaires in Fashion and Retail Industry.
Fashion and Retail Industry: An Outlook
The fashion and retail industry is one of the largest industries in the world. According to a report by Research and Markets, the international retail market was valued at around $28.84 trillion in 2023. The global retail market is expected to reach $42.75 trillion by 2028, growing at a compound annual growth rate of 8.1%. In comparison, the global fashion retail market was worth $91.25 billion in 2023, as per a report by Zion Market Research. The global fashion retail market is projected to grow to $157.88 billion by 2032 at a compound annual growth rate of almost 7.09% between 2024 and 2032.
The global fashion retail market was slow in 2023 and faced challenges. According to McKinsey’s fashion report 2024, Europe and the US experienced slow growth in 2023, while China’s fashion market initially performed better before fading in the second half of the year. However, the luxury segment in the fashion industry initially saw notable growth, but it too began to have the impact of weaker demand in the latter half of 2023. In 2024, things are not expected to be much different due to high uncertainty, subdued economic growth, persistent inflation, and weaker consumer confidence. As per McKinsey’s forecast, the global fashion industry will experience a top-line growth between 2% to 4% in 2024, with the luxury segment expected to bring the largest share of economic profit. The luxury fashion segment is estimated to grow 3% to 5% globally in 2024, compared to 5% to 7% in 2023. The US fashion market is projected to pick up following a relatively weak 2023. The US, the UK, Switzerland, Australia, and Denmark are some of the countries that produce the best fashion designers in the world.
The retail industry is also facing challenges due to the ongoing geopolitical conflicts. The Red Sea is currently the center of attention for global trade as it serves as the gateway to the southern entry of the Suez Canal. According to a report by Kiel Trade, the Red Sea’s container shipment volume plunged from 500,000 containers per day in November 2023 to 200,000 containers per day in December 2023, representing a 66% drop from the anticipated volume based on 2017 to 2019 data.
Big Players in Fashion and Retail Industry
Prominent fashion and retail companies include LVMH Moet Hennessy Louis Vuitton SE (EPA:MC), L’Oreal S.A. (EPA:OR), and Walmart Inc. (NYSE:WMT). These companies are some of the leading players in fashion and retail, considering their market share and global presence.
LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) is one of the top fashion companies in the world. The company owns some of the leading luxury and most valuable fashion brands including Louis Vuitton, Dior, Givenchy, and Tiffany & Co., among others. On April 18, LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) announced a dividend for the financial year 2023. LVMH Moet Hennessy Louis Vuitton SE (EPA:MC) shareholders were paid a dividend of €13 per share for the financial year 2023. The dividend had two payouts including €5.50 paid on December 6, 2023, and the remaining balance of €7.50 paid on April 25, 2024. The last date for trading with dividend rights was April 22.
L’Oreal S.A. (EPA:OR) is one of the biggest multinational personal care companies. On February 9, L’Oreal S.A. (EPA:OR) announced that it has signed a long-term license agreement with Prada S.p.A. (OTC:PRDSY) to produce luxury beauty products for the Miu Miu brand. Miu Miu is joining L’Oreal S.A.’s (EPA:OR) Luxe division for a new beauty chapter following a successful collaboration with Prada S.p.A. (OTC:PRDSY).
Walmart Inc. (NYSE:WMT) is one of the largest retailers in the US and the world. The company is progressing well and plans to invest around $1 billion in career-driven training and development by 2026. On April 25, Walmart Inc. (NYSE:WMT) shared its annual report for fiscal year 2024. The company is focused on doubling the skills certificates paid for through its Live Better U education benefit and creating new jobs. Walmart Inc. (NYSE:WMT) ranks first on the Fortune 500 list. Here is what the company’s president and CEO, Doug McMillon said in his annual letter to shareholders and associates:
“We finished another year with strong results. We outlined a financial framework last year that includes growing operating income faster than sales, and we’re delivering. For fiscal year 2024, net sales grew more than six percent, and profit grew even faster. This includes more than $100 billion in eCommerce sales with a bottom line that’s improving. Operating cash flow was $36 billion, and returns were up more than 200 basis points. Inventory and in-stock levels ended in a great spot, and the nine percent increase in the dividend we announced for the current fiscal year is the largest increase in more than 10 years.”
The global fashion and retail industry has some of the largest markets worldwide. With this context, let’s take a look at the 25 richest billionaires in the fashion and retail industry.
25 Richest Billionaires in Fashion and Retail Industry
Our Methodology
We gathered the data for the 25 richest billionaires in the fashion and retail industry from the Forbes Real Time Billionaires Index. The list of billionaires from the fashion and retail industry is ranked in ascending order of billionaires’ net worths, as of April 24.
25 Richest Billionaires in Fashion and Retail Industry
25. Anders Holch Povlsen
Net Worth: $12.4 Billion
Anders Holch Povlsen gains his fortune primarily from his retailer Bestseller. Povlsen also has major stakes in an online grocery store Nemlig, retailer ASOS plc (LON:ASC), and payments firm Klarna. Anders Holch Povlsen ranks 25th among the richest billionaires in the fashion and retail industry.
24. Ricardo Salinas Pliego
Net Worth: $12.7 Billion
Ricardo Salinas Pliego runs his grandfather’s firm, Grupo Elektra, SAB de CV (BMV:ELEKTRA), which is a leading Mexican retailer. Ricardo Salinas Pliego has a net worth of around $12.7 billion.
23. Theo Albrecht Jr.
Net Worth: $13.3 Billion
Theo Albrecht Jr. inherited one of the world’s great retail fortunes, the Aldi supermarket chain. With a net worth of around $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 crafts retail store, Hobby Lobby, in 1970. Green serves the company as the 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 around $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 the chairman emeritus of the cosmetics giant, The Estée Lauder Companies Inc. (NYSE:EL). Lauder served the company for almost three decades and has a net worth of $15 billion.
19. Beate Heister
Net Worth: $15.1 Billion
Beate Heister is the daughter of Karl Albrecht Sr. and inherits the fortune in the Adli retail firm. Beate Heister ranks 19th among the richest billionaires in the fashion and retail industry.
18. Karl Albrecht Jr.
Net Worth: $15.1 Billion
Karl Albrecht Jr. is the brother of Beate Heister and has a net worth of around $15.1 billion.
17. Nicolas Puech
Net Worth: $15.5 Billion
Nicolas Puech is a fifth-generation descendant of Thierry Hermes, who founded the famous French luxury brand, Hermes International SCA (EPA:RMS). Nicolas Puech owns 5% of the company and he is one of the richest billionaires in the fashion and retail industry.
16. Stefan Persson
Net Worth: $18.2 Billion
Stefan Persson is the richest person in Sweden and owns around 36% of H & M Hennes & Mauritz AB (STO:HM-B), founded by his father. Stefan Persson has a net worth of around $18.2 billion.
15. Radhakishan Damani
Net Worth: $21.1 Billion
Radhakishan Damani has a diversified portfolio with a net worth of around $21.1 billion. Damani became India’s retail giant following the IPO of his supermarket chain Avenue Supermarts Limited (NSE:DMART) in March 2017. Radhakishan Damani ranks 15th among the richest billionaires in the fashion and retail industry.
14. John Menard Jr.
Net Worth: $23 Billion
John Menard Jr. founded the home improvement company, Menards. With a net worth of $23 billion, John Menard Jr. is one 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 around $25.9 billion.
12. Lukas Walton
Net Worth: $27.9 Billion
Lukas Walton is the grandson of Walmart Inc.’s (NYSE:WMT) founder Sam Walton. With his inherited fortune in one of the largest retailers in the world, Lukas Walton ranks among the richest billionaires in the fashion and retail industry in 2024.
11. Alain Wertheimer
Net Worth: $36.4 Billion
Alain Wertheimer is the chairman of the French luxury brand, Chanel. Alain Wertheimer has a net worth of around $36.4 billion.
10. Gerard Wertheimer
Net Worth: $36.4 Billion
Gerard Wertheimer ranks 10th among the richest billionaires in the fashion and retail industry in 2024. Gerard Wertheimer is the brother of Alain and he oversees the watch division at Chanel.
9. Dieter Schwarz
Net Worth: $36.7 Billion
Dieter Schwarz operates the leading German multinational retailer, Schwarz Group. Dieter inherited the company from his father Josef Schwarz.
8. Phil Knight
Net Worth: $39.6 Billion
Phil Knight is the co-founder of the famous athletic and apparel retailer, NIKE, Inc. (NYSE:NKE). Phil Knight has a net worth of around $39.6 billion and ranks eighth among the richest billionaires in the fashion and retail industry.
7. Tadashi Yanai
Net Worth: $40.4 Billion
Tadashi Yanai founded and operates the retail clothing empire Fast Retailing Co., Ltd. (TYO:9983). Tadashi Yanai has a net worth of around $40.4 billion.
6. Alice Walton
Net Worth: $72 Billion
Alice Walton is the only daughter of Sam Walton and has a net worth of around $72 billion. Alice Walton ranks sixth among the richest billionaires in the fashion and retail industry.
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Disclosure. None. 25 Richest Billionaires in Fashion and Retail Industry is originally published on Insider Monkey.