It is about time!
The luxury watch industry is well represented on Forbes’ Billionaires List, as several prominent executives are listed, Forbes reports.
The two richest men in France, Bernard Arnault and Francois Pinault, are ranked 10th and 53rd, respectively. Arnault is the chairman and CEO of the LVMH conglomerate, which represents a total of eight separate brands of watches. Francois Pinault, the founder of Pinault-Printemps-Redoute, is the honorary chairman of the multi-branded firm.
Others on the list include Ralph Lauren, Johan Rupert, founder, exec chairman and CEO of CompagnieFinancière Richemont SA, the Bulgari brothers, and Laurence Graff, the founder of Graff Diamonds. It is noteworthy that only a handful of companies represent so many luxury brands.
[Bernard Arnault’s] ambitious development plan has turned it into the largest luxury group in the world, owning several watch brands including Louis Vuitton (whose watches are sold only through the company’s own boutiques), Bulgari, TAG Heuer, Zenith, Hublot, Christian Dior and 22 percent of Hermès. Fashion brand Fendi, also owned by LVMH, additionally carries wristwatches.