While things at Louis Vuitton are certainly looking up this week, with Nicolas Ghesquiere showing his first collection as creative director of the design house, the company's owner, Bernard Arnault (pictured below, third from right) isn't faring so well. According to Bloomberg, even fashion's biggest players are experiencing major losses as markets tanked worldwide this week as the crisis in Crimea, Ukraine escalates. Altogether the Russian billionaires alone experienced $13 billion in loses, thanks to Russian President Vladimir Putin’s decision to send some 16,000 troops to the Crimean peninsula. The business and financial news site's Billionaires Index identified the top five money losers on earth this week and they include:
1 - Gennady Timchenko: the Russian-born, Switzerland-based owner of the private investment group, Volga Group, which specializes in investments in energy, transport and infrastructure assets.
2 - Leonid Mikhelson: a Russian businessman, CEO, chairman and major shareholder of the private Russian gas company, Novatek. He was named Russia's second richest man in 2012.
3 - Russian steel tycoon, Vladimir Lisin. He is chairman and the majority shareholder of Novolipetsk or NLMK, one of the four largest steel companies in Russia.
4 - Bernard Arnault: France's richest man and the chairman and Chief Executive Officer of LVMH Moët Hennessy Louis Vuitton, the luxury conglomerate that owns Louis Vuitton, Givenchy, CELINE, Christian Dior, and an array of other fashion and non-fashion companies. Also this week, Arnault, was awarded the Museum of Modern Art in New York's annual David Rockefeller Award, which is bestowed on major supporters of the arts and public works.
5 - Vagit Alekperov: The Azerbaijani and Russian businessman currently serves as the President of LUKOIL, Russia's largest independent oil company.