Two of the world’s most influential figures in the global fashion and luxury industry, Bernard Arnault and Amancio Ortega, saw a combined $4.5 billion wiped from their personal fortunes, as shares in their respective companies, LVMH and Inditex, slid amid ongoing investor caution.

Arnault, chairman and CEO of French luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE, lost an estimated $2.4 billion, reducing his net worth to $148.1 billion. Ortega, the Spanish founder of Inditex, the parent company of Zara, saw a $2.1 billion drop, bringing his wealth to $119.2 billion, according to Forbes’ real-time billionaire rankings.

The losses followed continued year-to-date declines in both companies’ stock prices. As of July 7, LVMH shares were trading at €476.75, down 24.97% from the beginning of the year. Earlier in the year, shares peaked at €542.90 on April 3. Inditex was trading at €43.44, down 13.67% year-to-date, after reaching a recent high of €46.39 on March 19.

The fashion luxury sector has faced headwinds in 2025, as rising interest rates and a slowdown in consumer spending across major markets such as China, Europe, and North America have dampened growth expectations. Investors have also become more selective following a post-pandemic boom in high-end retail.

Arnault oversees a global empire of 75 luxury brands, including Louis Vuitton, Christian Dior, Tiffany & Co., and Sephora. LVMH’s acquisition of American jeweler Tiffany in 2021 for $15.8 billion remains the largest in luxury industry history.

The Arnault family, including his five adult children, plays a key role in the leadership of the business, and the billionaire has taken steps to ensure long-term control by reorganizing his family holding company, Agache, into a limited partnership.

Beyond business, Arnault has remained a prominent figure in public life. LVMH was a headline sponsor of the Paris 2024 Olympics and contributed €200 million, alongside Arnault personally, to the restoration of Notre Dame Cathedral, which reopened in December 2024.

Amancio Ortega, a pioneer in fast fashion, co-founded Inditex in 1975 with his late ex-wife, Rosalia Mera.

Today, the company operates over 5,000 stores worldwide under brands such as Zara, Pull & Bear, and Massimo Dutti. Ortega owns approximately 60% of the company and earns over $400 million annually in dividends, which he reinvests in an extensive real estate portfolio spanning Europe and North America.

In 2022, Ortega’s daughter, Marta Ortega Pérez, was appointed chair of Inditex, marking a generational transition. Under her leadership, the company has continued to refine its supply chain and digital strategy to adapt to shifting consumer demands.

Despite Monday’s losses, both Arnault and Ortega remain among the wealthiest individuals on the planet and key players in an evolving global luxury market.