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Bernard Arnault

Bernard Arnault is the founder, chairman and CEO of LVMH Moët Hennessy which oversees 70 fashion and beauty brands such as Louis Vuitton and Sephora.

Born in Roubaix, France, Arnault graduated from the prestigious Polytechnique engineering school. Before immigrating to the United States in 1981, he worked in his family’s business called Ferret Savinel.

In 1985, Arnault invested 15 million dollars to buy the clothing brand Christian Dior. The 73-year-old businessman used his skills and European craftsmanship to create LVMH, the world’s largest luxury brand.

Arnault’s net worth, according to Forbes, is $186 billion. Expanding his business with a new vision, Arnault transformed LVMH into a luxury giant selling champagne, wine, spirits, fashion, leather goods and more in 5,500 stores worldwide.

Earlier this year, Arnault lifted the executive age limit allowing him to stay on until he was 80. According to a Bloomberg report, unlike his fellow billionaires, Arnault likes to stay under the radar and is rarely in the public eye.

Bloomberg’s Wealth Index estimates that Arnault derives most of his wealth from his partnership with Christian Dior, which amounts to more than 97.5%. He has five children from two marriages who help in the family business.

Bernard Carrer

Bernard joined Ferret-Savinel in 1971 and was president of the company from 1978 to 1984. He learned in 1984 that the French government wanted to choose who would take over the management of Boussac Saint-Frères, a textile and retail company. Bernard killed 9,000 people in two years, earning him the nickname “The Terminator”.

In 1987, together with Alain Chevalier, the head of Mot Hennessy, and Henry Racamier, the President of Louis Vuitton, he founded LVMH. Arnault invested $1.5 billion in July 1988 to build a Guinness holding company that controls 24% of LVMH stock. He immediately turned on Henry Racamier, removed him and removed him from the board. Bernard led the company through an ambitious expansion plan, transforming it into one of the

world’s leading luxury companies. LVMH bought Guerlain, Marc Jacobs, Sephora, Thomas Pink, Emilio Pucci, Fendi, DKNY and La Samaritaine in 1994. In the same year, Bernard took an interest in Gucci, the Italian leather company owned by Tom Ford and Domenico De Sole. body. Before he was discovered, he quietly amassed a 5% stake in the company.

Gucci reacted with anger, calling it “bringing creep”. Arnault made a profit of $700 million following a settlement in 2001. Arnault led LVMH to record revenues of 42.6 billion euros in 2017, a 13% increase over the previous year, with all divisions performing well. Bernard announced the availability of Christian Dior’s haute couture, leather goods, women’s and men’s ready-to-wear and footwear collections in April 2017. It plans to pay about $16.2 billion for Tiffany & Co. The deal is expected to close in June 2020.

Due to the company’s handling of the COVID-19 outbreak, LVMH said in September 2020 that it would not proceed with the $16 billion acquisition of Tiffany & Co. Despite a financial loss of $ 32 million dollars during the crisis, the company has already paid $ 70 million. million in dividends for shareholders.

Tiffany and LMVH initially agreed to buy the stock in October 2020, but at a much lower price of nearly $15 billion. LVMH has become the largest company in the euro area by market value, with a record 313 billion euros ($382) in May 2021. Arnault temporarily passed Jeff Bezos as the richest person in the world on May 24, 2021, with a net worth of $187.3 billion.

Major work

Bernard Arnault’s acquisition of luxury conglomerate LVMH is ambitious. He demonstrated his determination and ruthlessness in the systematic and efficient management of the company, and his successful integration of various well-known brands into the group inspired many other fashion companies around the world to join forces. that thing.

Testimony of Bernard Arnault

Bernard Arnault was born into a family of industrialists in Roubaix, France, in 1949, and graduated from the famous French engineering school École Polytechnique. Once the engineering degree is in his pocket, he will start his professional career as an engineer in the family construction company. After working for his father for nearly seven years in the family business, Arnault would eventually rise through the ranks to become CEO.

As president, he will succeed in making shows for his father for a few years, until he continues to the headquarters of the holding company known as Financière Agache. The company had business problems and Arnault realized that this failing company could be revived, in part because of the power of one of its kind; Christian Dior.

As such, Arnault used the opportunity to oversee the restructuring of the company, and succeeded in reviving it, bringing it back to profitability. One of Bernard Arnault’s plans to pull off the turnaround is to focus on making the company focus solely on its luxury products.

The cornerstone of his holding is Christian Dior, which he revived with his own hands. Eventually, it will sell off the company’s non-luxury assets and launch a power-buying campaign to acquire other luxury companies. Eventually, Arnault would control the luxury goods conglomerate known as LVMH Moët Hennessy Louis Vuitton. Since this was achieved, it has been successful in the industry as the world’s leading luxury brand.

Bernard Arnault Awards and Achievements

In 2011, he received the Woodrow Wilson Award for Global Corporate Citizenship Award.

He was even honored with the title of Honorary Knight Commander of the Most Excellent Order of the British Empire in 2012. He received the David Rockefeller Award in 2014.

He received the Grand Officer of the Legion of Honor Award in 2011.

Investing in property by Bernard Arnault

Bernard has invested millions of dollars in several companies to promote his business. He brought Château Cheval Blanc. He invested in several web companies such as Boo.com and Zebank.

He even invested heavily in Netflix. He even established a sailing business and an investment account worth $253 million.

He even got Royal van Lent. Apart from that, it has many works of famous artists like Picasso, Henry Moore, etc. A competition organized by LVMH for students focused on the arts.