Meaning of the word "one man's loss is another man's gain" in English

What does "one man's loss is another man's gain" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

one man's loss is another man's gain

US /wʌn mænz lɔːs ɪz əˈnʌðər mænz ɡeɪn/
UK /wʌn mænz lɒs ɪz əˈnʌðə mænz ɡeɪn/
"one man's loss is another man's gain" picture

Idiom

said when one person benefits from another person's misfortune

Example:
When the rival company went bankrupt, we hired their best staff; one man's loss is another man's gain.
I bought this vintage watch for a low price because the owner needed quick cash; one man's loss is another man's gain.