Bernard Arnault

Bernard Jean Étienne Arnault is a French business tycoon, businessman, and art collector who was born on March 5, 1949. The largest luxury goods firm in the world, LVMH Mot Hennessy Louis Vuitton, is led by him as its founder, chairman, and CEO. According to Forbes, Arnault will be the richest person in the world as of April 2023 with an estimated net worth of US$238.5 billion. His family is also regarded as the wealthiest in the world.

Early life

In Roubaix, Bernard Jean Étienne Arnault was born on March 5th, 1949. His mother, Marie-Josèphe Savinel, the daughter of Étienne Savinel, had a "fascination for Dior." His father, civil engineering firm Ferret-Savinel owner and maker Jean Léon Arnault, graduated from École Centrale Paris.

Career

Arnault received his early education at the Lycée Faidherbe in Lille as well as the Lycée Maxence Van Der Meersch in Roubaix city. Arnault completed his studies at France's top engineering school, the École Polytechnique, in 1971, and then after started working for his father's business. Three years later, Ferret-Savinel liquidated its industrial construction branch and changed its name to Ferinel after persuading his father to focus the business' attention on real estate. The business renamed the real estate division to the George V Group after acquiring a textile firm and moving its headquarters. Later, Compagnie Générale des Eaux (CGE), which eventually became Nexity, purchased the real estate holdings.

Personal life

Family

In 1973, he wed Anne Dewavrin, and the two of them bore Delphine and Antoine. 1990 saw the end of the couple's relationship. He wed Canadian concert pianist Hélène Mercier in 1991, and the two eventually had three kids together: Alexandre, Frédéric, and Jean. Mercier and Arnault live in Paris. All five of Arnault's children—Delphine, Antoine, Alexandre, Frédéric, and Jean—have official positions in companies that he owns or manages, along with his niece Stephanie Watine Arnault.

Frédéric is the CEO of TAG Heuer and Jean is the Director of Marketing and Development at Louis Vuitton. Alexandre is the Executive Vice President of Tiffany & Co. Since 2010, Delphine Arnault, the Arnault family's daughter, has been dating Xavier Niel, a billionaire French businessman active in the technology and telecommunications industries. Beginning on February 1, 2023, Delphine will serve as CEO of the prestigious company Dior.

Bernard Arnault Wealth

He surpassed Amancio Ortega of Zara in wealth growth to become the richest person in fashion in April 1999. As the CEO of the LVMH group in 2016, Arnault received €7.8 million in compensation. With a net worth of $103 billion in July 2019, Arnault rose to the position of second richest person on the planet. In December 2019 and again for a brief while in January 2020, Arnault briefly surpassed Jeff Bezos to claim the title of world's richest person. Arnault's wealth decreased by $30 billion during the COVID-19 epidemic as sales of high-end items fell sharply.

He reclaimed the title of richest man in the world on August 5, 2021, when his net worth increased to $198.4 billion. This happened when LVMH's luxury goods sales in China and other Asian countries soared. On the Forbes Billionaires list, he is identified as "Bernard Arnault & Family." By 2022, according to Forbes, Bernard Arnault & Family will have a fortune of $158 billion, surpassing Bill Gate.

The converted research vessel Amadeus, which was 70 metres (230 feet) long and owned by Arnault, was sold in late 2015. Feadship produced his current 101.5 m (333 ft) yacht Symphony in the Netherlands. According to Forbes, Arnault and his family's projected net worth as of January 2023 was US$213.7 billion, surpassing Elon Musk, whose fortunes suffered as a result of how he handled the purchase of Twitter.

Art collection

Arnault hold art by Picasso, Yves Klein, Henry Moore, and Andy Warhol which can be found in his collection. Additionally, he played a crucial role in making LVMH a well-known art supporter in France. The LVMH Young Fashion Designer competition was created as a worldwide competition open to college students majoring in fine arts. Every year, the winner gets a stipend to assist launch the designer's label in addition to mentorship for a full year.

From 1999 to 2003, he led the art auction company Phillips de Pury & Company after purchasing Tajan, the first French auctioneer. Arnault began to construct the Louis Vuitton Foundation in 2006. The structure was created by architect Frank Gehry and is devoted to modern and contemporary art. On October 20, 2014, the Jardin d'Acclimatation Paris hosted the grand opening of the Foundation.

LVMH

LVMH Moët Hennessy Louis Vuitton With its headquarters in Paris, Louis Vuitton, sometimes known as LVMH, is a European multinational company and corporation that specialises in luxury goods. The company was created in 1987 through the union of fashion house Louis Vuitton (founded in 1854) and cognac producer Mot Hennessy (founded in 1765), which had previously merged in 1971. Mot Hennessy was a champagne producer (founded in 1743) and Hennessy had previously produced cognac (founded in 1765). In 2021, LVMH was estimated to be worth $329 billion, making it the most valuable company in Europe.

LVMH Brands

It has influence over about 60 of LVMH's businesses, which collectively own 75 notable brands are under its control. Among them are Tiffany & Co., Princess Yachts, TAG Heuer, Bulgari, Christian Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, and Celine. Under the auspices of six branches—the Fashion Group, Wines and Spirits, Perfumes and Cosmetics, Watches and Jewelry, Selective Distribution, and Other Activities—the subsidiaries are frequently run autonomously. The Château d'Yquem wine brand, which had its roots in 1593, is the LVMH brand with the longest history. At LVMH, Bernard Arnault serves as CEO and chairman.