Bernard Arnault (born March 5, 1949) is a French businessman. He is the CEO of the French holding LVMH. He is president and managing director of LVMH, the world's largest luxury goods company. In April 2018, she became the richest person in fashion, topping Zara's Amancio Ortega. Arnault briefly surpassed Jeff Bezos in December 2019 to become the richest person in the world. He became the richest person in the world again for a short time in January 2020. As of March 16, 2021, the Bloomberg Billionaires Index estimates her net worth to be $123,7 Billion.
Bernard Jean Étienne Arnault was born on March 5, 1949 in Roubaix, France. His father, the producer Jean Léon Arnault, was a graduate of the Ecole Centrale Paris. His mother was Marie-Josèphe Savinel.
Arnault was educated at the Lycée Maxence Van Der Meersch in Roubaix and the Lycée Faidherbe in Lille. He graduated from École Polytechnique, France's leading engineering school, in 1971 and started working in his father's company.
He began his career in 1971 working for Ferret-Savinel, a company owned by his father, and was president from 1978 to 1984.
Christian Dior
In 1984, with the help of Antoine Bernheim, senior partner at Lazard Frères, Arnault acquired Financière Agache, a luxury goods company. He became CEO of Financière Agache and then took control of Boussac Saint-Frères, a textile company in disarray. Arnault sold nearly all of the company's assets, holding the Christian Dior brand and Le Bon Marché store.
LVMH
In July 1988, Arnault struck a $24 billion deal to form a holding company with Guinness, which owns 1.5% of LVMH's shares. In response to rumors that the Louis Vuitton group was buying up a stake in LVMH to form a "blocking minority," Arnault spent $13.5 million to buy 600% more of LVMH, making him LVMH's largest shareholder. In January 1989, he spent another $43,5 million to gain control of 35% of LVMH's shares and 500% of voting rights, thereby getting the "blocking minority" he needed to stop the LVMH group from disintegrating. On January 13, 1989, he was unanimously elected as the chairman of the executive board.
Since then, Arnault has formed an ambitious development plan, transforming the company into one of the world's largest luxury conglomerates, along with Swiss luxury giant Richemont and French-based Kering. In eleven years, sales and profits have increased 5 times and LVMH's market value has increased 15 times. He encouraged the group's decisions to centralize their brand. As a result of these measures, brands are now seen as independent firms with their own history.
In July 1988, Arnault bought Céline. LVMH acquired Berluti and Kenzo in 1993. That same year, Arnault bought the French business newspaper La Tribune. Despite its 150 million euro investment, the company never achieved the desired success. In November 2007, the acquisition of a different French business newspaper, Les Échos, for 240 million euros sold La Tribune.
LVMH acquired the perfume company Guerlain in 1994. In 1996 Arnault bought Loewe, followed by Marc Jacobs and Sephora in 1997. These brands were also integrated into the group: Thomas Pink in 1999, Emilio Pucci in 2000, and Fendi, DKNY and La Samaritaine in 2001.
In the 1990s, Arnault decided to develop a headquarters in New York to manage LVMH's presence in the United States. He chose Christian de Portzamparc to lead this project.
Other investments
From 1998 to 2001 Arnault invested in various web companies such as Boo.com, Libertysurf and Zebank through his Europatweb holding. Groupe Arnault also invested in Netflix in 1999.
In 2007, Blue Capital announced that Arnault, in partnership with California real estate firm Colony Capital, owns 10.69 percent of France's largest supermarket retailer and Carrefour, the world's second largest food distributor.
He entered the yacht business in 2008 and bought Princess Yachts for 253 million Euros. He then took control of Royal van Lent for almost the same amount.
In 1998, he personally bought Château Cheval Blanc with businessman Albert Frère. LVMH acquired Arnault's stake in 2009 to add to the group's other wine estate, Château d'Yquem.
companies
Arnault 51% LVMH (Moët Hennessy Louis Vuitton), and Christian Dior SA. Arnault holds the positions of chairman and CEO of companies.
His daughter Delphine Arnault is LVMH's vice president.
Arnault is the owner of the art auction company, Phillips de Pury & Company.
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