Francois Pinault, the founder of Kering SA, has recently dropped out of the top 100 richest individuals globally, now ranking at No. 105 on the Bloomberg Billionaires Index.
This is the first time in over a decade that he has been outside the top one-fifth of the 500-person ranking.
Pinault's wealth has decreased significantly, currently standing at $20.3 billion, a significant decline from his peak of $61 billion in August 2021 when he was ranked No. 22.
The decline in his fortune is attributed to challenges faced by Gucci, Kering's largest brand, as his son works to revitalize the luxury conglomerate.