In March 2023 Bernard Arnault, the chairman and CEO of luxury fashion giant LVMH overtook Elon Musk to become the wealthiest person in the world. He is the only European in the list of top 10 richest people in the world. His wealth has skyrocketed with the massive growth in LVMH’s share price. And it's not hard to see why they’re so profitable. It’s easy to make money when you can sell items of clothing for $5,000. While luxury brands build the perception of having the highest quality of goods, they are not usually any different than the products you would buy at a high street store.
Luxury brands are highly sophisticated marketing machines that employ every psychological trick in the book to make you believe the product they’re selling you is worth the astronomical price tag. In today's video we look at who actually buys these goods, if Rolex watches and Birkin bags are actually good investments, and if the Luxury Goods bubble is about to burst.
