Fashion's Richest: Top 10 Wealthiest Moguls in H1 2016
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It is no secret that fashion sells. The global fashion industry is currently valued at an astounding 3 trillion US dollars, according to FashionUnited's global statistics page, making it one of the most valued sectors in the world. The only thing which sells more than fashion, is "fast fashion", which sells in enormous, unimaginable quantities. Unsurprisingly, it is fashion moguls and entrepreneurs which now make up a large slice of the world's richest list.
FashionUnited previously examined the value and assets of the industry's wealthiest billionaires and millionaires at the end of 2015. In this updated list, we take a look at what has changed over the past six months and who the top 10 richest people in the global fashion industry are now.
FashionUnited's Top 10 Richest Fashion Entrepreneurs in H1 2016
One of the most remarkable changes noticeable between the two lists is that nearly every individual listed saw their overall net worth decline during the first half of 2016. This can be attributed to a numbers of external factors, such as unfavourable exchange rates and increasing pressure placed on the financial stock markets due to economic uncertainty across the globe - stemming from the rise in terrorist attacks, anxiety over the Chinese market and a looming Brexit.
Amancio Ortega, founder of Inditex and fast-fashion chain Zara, may have briefly overtaken Bill Gates as the richest man in the world last October, but as of June, 2016 his net worth declined from 76.3 billion US dollars to 70.1 billion US dollars. Nevertheless, the Spaniard has yet to be defeated and retains his ranking as the industry's number one richest man. Phil Knight, co-founder of Nike, toppled from third place in the December 2015, to 5th place for H1 2016. Knight witnessed his net worth drop from 27.5 billion US dollars to 23.4 billion dollars.
The one expectation to the overall decline of net worth in the top ten was Axel Dumas and the Hermès family, which saw their family net worth increase by 400 million US dollars, up from 27 billion US dollars to 27.4 billion US dollars. This modest increase places Hermès up one ranking in H1 2016.
Top 10 Richest List: H1 2016 versus 2015
Another significant change to the ranking saw newcomer Francois Pinault and his family's luxury conglomerate Kering squeeze its way into tenth place, up from eleventh place in December 2015. This is in part due to Chanel's owners, Alain and Gerard Wertheimer fall from grace in which their net worth dropped from 18.5 billion US dollars to 10.6 billion US dollars.
Looking at the lists, it is apparent that global instability has left its mark on the top ten richest fashionistas. In December 2015, the top ten share a total net worth of 292.7 billion US dollars. Now, the total net worth of the top ten as of June 2016 is 254.4 billion US dollars - a 13 percent decrease - signalling change may be underfoot in the fashion's fortunes.
Photo: Nike, Kent Wang/Flickr