Throughout the majority of 2023, the founder of LVMH, whose products include Louis Vuitton handbags, Moet & Chandon Champagne, and Christian Dior gowns, saw his fortunes increase as European luxury company stock prices rose.

On Tuesday, he surrendered a portion of these gains. LVMH shares fell 5% in Paris, the most in more than a year, as the European luxury sector lost approximately $30 billion in value.

According to the Bloomberg Billionaires Index, the French magnate still has a net worth of $191,6 billion despite the selloff. He has added $29.5 billion this year so far.

The gap between Arnault and Tesla Inc.’s Elon Musk, the second-richest person in the world, has narrowed to $11.4 billion.

Despite Tuesday’s precipitous decline, LVMH’s stock price is still up 23% for the year. The MSCI Europe Textiles Apparel & Luxury Goods Index increased by 27 percent.

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According to Edouard Aubin, an analyst at the investment bank, attendees at a luxury conference in Paris organized by Morgan Stanley reported a “relatively more subdued” performance in the United States.

Analysts at Deutsche Bank AG, Matt Garland and Adam Cochrane, stated in a note that they anticipate investors to become more selective with European luxury equities as US economic growth slows.

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