Contrary to popular belief, the residents of Silicon Valley aren’t the only regulars of the billionaires list. In 2022, French mogul Bernard Arnault of LVMH dethroned Elon Musk as the richest person in the world. And while that exchange may be brief–Elon has since then taken back his crown–the world of fashion and beauty is still a lucrative business to be, if the many billionaires in the world are proof enough.
From the heirs of luxury brands to the founders of retail giants, ahead, we narrowed down the top 10 wealthiest people in style and beauty in 2023, according to Forbes’ Real Time Billionaires list.
Top 10 Richest Billionaires in the Fashion and Beauty Industry 2023
10. Giorgio Armani
Net worth: $13.9 billion
Company: Armani
With a recognizable name that rings beyond the industry, the 89-year-old is a force among the fashion industry and has achieved “living legend” status as a tycoon, too, clinching the 136th spot on the billionaires list.
After leaving medical school and designing clothes for Nino Cerruti, Giorgio launched his own line in the 1970s, which eventually surged after he designed Richard Gere’s outfits in the 1980 film American Gigolo. The Armani name soon expanded into an empire, from fashion to beauty, and even to interior design, real estate, and the hotel industry.
9. Leonard Lauder
Net worth: $14.9 billion
Company: Estée Lauder
In the 121st spot this year, Leonard Lauder is the elder son of the makeup legend Estée Lauder, who has spent over thirty years running the cosmetics giant. In the mid-1990s, he acquired brands like MAC, Bobbi Brown, and Aveda, and stepped down as CEO in 1999. Now, he maintains the title as chairman emeritus, while known in the company as a “Chief Teaching Officer.”
8. Stefan Persson
Net worth: $19.7 billion
Company: H&M
The 95th billionaire on the list is also Sweden’s richest person. As the son of H&M founder Erling Persson, Stefan Persson owns 36 percent of the globally known fashion retailer. In May 2020, he stepped down as chairman and was succeeded by his son Karl-Johan.
7. François Pinault
Net worth: $31.5 billion
Company: Kering
What started as a lumber business in 1963 became the luxury giant Kering, the company behind the world’s most recognizable names in fashion. Boasting a portfolio including Gucci, Yves St. Laurent, Balenciaga, Bottega Veneta, and Alexander McQueen, François Pinault changed the direction of Kering after buying a controlling stake in the Gucci Group. Today, the Pinault family takes the 48th spot in the world’s richest list.
6. Alan and Gerard Wertheimer
Net worth: $36.7 billion
Company: Chanel
In the contemporary era, the fashion giant Chanel is fronted by brothers Alain and Gérard Werthemier. Their grandfather Pierre Wertheimer and his brother Paul launched Les Parfums Chanel with fashion designer Coco Chanel, distributing the famous Chanel No. 5 perfume in 1924. In 1954, the Wertheimers eventually took full control of Chanel’s fragrance and fashion line. Almost 70 years later, the brothers now hold a $36.7 billion net worth.
5. Tadashi Yanai
Net worth: $37.6 billion
Company: Fast Retailing (Uniqlo)
Uniqlo is a retail juggernaut across the globe, thanks in part to Tadashi Yanai’s Fast Retailing. The parent company of the Japanese clothing giant had a reported net profit of $1.2 billion on revenue for the fiscal year of 2022, with more than 2,400 stores across 25 countries. Other than Uniqlo, Fast Retailing’s catalog also includes brands like Theory, Helmut Lang, J Brand, and GU.
4. Phil Knight
Net worth: $43 billion
Company: Nike
Before Nike came to be a household name, American entrepreneur Phil Knight launched Blue Ribbon Sports with his former college track coach. The label would eventually become the world-famous athletic clothing brand, with revenues of nearly $45 billion. Aside from the famous swoosh, their brands include Converse and Jordan.
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3. Francoise Bettencourt Meyers
Net worth: $99.6 billion
Company: L'Oréal
The richest woman in the world takes up the 14th rank on the billionaires list. Francoise Bettencourt Meyers is the force behind the beauty brand L’Oreal, having owned around 33 percent of its stock. The granddaughter of founder Eugène Schueller, Francoise has served the company’s board since 1997 and is currently the chairwoman of the family holding company.
2. Amancio Ortega
Net worth: $100.3 billion
Company: Inditex (Zara)
Dubbed a pioneer in fast fashion, Spanish mogul Amancio Ortega is one of the wealthiest retailers in the world as the founder of Zara. Ten years after its first store, Amancio co-founded the company Inditex with his then-wife Rosalia Mera, which eventually acquired other brands like Pull&Bear, Bershka, Massimo Dutti, and Stradivarius.
1. Bernard Arnault
Net worth: $201 billion
Company: LVMH
While he dropped down from his stature as the world’s richest person last year in favor of Elon Musk, Bernard Arnault still holds a considerable spot in second place. The wealthiest man in Europe, nicknamed “The Wolf in Cashmere,” is the billionaire behind LVMH (Louis Vuitton and Moët Hennessy), owning more than 70 luxury brands like Christian Dior, Fendi, Givenchy, Loewe, Kenzo, Celine, and Rimowa. In 2021, the company acquired American jeweler Tiffany & Co. for $15.8 billion, which is said to be the biggest luxury brand acquisition.
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