Francois Pinault, founder of Kering, has fallen out of the Bloomberg Billionaires Index’s top 100, with his wealth dropping by two-thirds to $20.3 billion from its 2021 peak of $60 billion, marking the steepest decline among current members. Kering, now led by his son Francois-Henri Pinault, has struggled as its flagship brand Gucci faces declining sales, especially in Asia, contributing to a nearly 50% drop in the company’s stock value this year. The luxury sector overall has been impacted by weaker demand in China, affecting other leaders like Bernard Arnault of LVMH and Francoise Bettencourt Meyers of L’Oréal. Despite diversification through Groupe Artemis, the Pinault family remains heavily reliant on Kering, which anticipates its lowest annual profit since 2016.