Bernard Arnault is now officially the wealthiest man in fashion and the fourth richest person in the world.
According to the Bloomberg Billionaires Index, the chairman and CEO of the LVMH’s net worth is estimated at $70.7 billion, the most of any European on the list.
Amazon’s Jeff Bezos claimed the top of the list with a net worth of $118 billion, followed by Microsoft founder Bill Gates with $90.3 billion and business magnate Warren Buffett in third with $84.1 billion.
Arnault’s rise knocked Zara founder Amancio Ortega to fifth place, with an estimated net worth of $70.1 billion.
In his role, LVMH boss oversees 70 luxury brands including Louis Vuitton, Givenchy, Céline, and Dior.
Arnault’s financial boost comes as Christian Dior posted record sales this month.
Last year, the company reported record sales of over $52 billion, a 13 percent rise on 2016.
Rising demand in the Far East is thought to have helped LVMH, as well as the strength of the euro against the dollar and pound.
The company also entered the digital platform launching its multi-brand luxury shopping platform 24 Sevres, which was the first online destination to stock Céline – considered a big coup within the industry.
Among other companies, Arnault also owned the art auction house, Phillips de Pury & Company from 1999 to 2003.