Born in 1949, Bernard Arnault is a French businessman renowned as the Chairman as well as the CEO of LVMH Moët-Hennessy Louis-Vuitton SA, which is the world’s biggest luxury goods company. Arnault holds a degree in electronics from the École Polytechnique located in Paris.
Upon graduation, Bernard Arnault followed his father and joined the family-owned business. Over time, he was able to make the business much more successful than it was before. One approach he took was the repossession of the company’s building business, concentrating on property development. He took over control of Ferret-Savinel, his father’s real estate company, in 1971. He modified the title of the company to Férinel Inc. eight years later and transferred the attention to real estate.
Check out Pony Ma: The Man Behind Tencent
Who is Bernard Arnault?
Bernard Arnault had two relationships. It was in 1973 that he first met Anne Dewavrin. They raised two kids before splitting in 1990. Later, he married Hélène Mercier, a pianist. The pair has three kids.
Bernard Arnault carries on being on the board of the richest men in the world. Once he was the wealthiest person in Germany as well as the world’s fourth-richest man.
Bernard Arnault’s Career
Through US$15 million of his money, Bernard Arnault earned the US$80 million needed to buy Boussac Saint-Frères, which was a bankrupt clothing company that owned Christian Dior’s fashion house, along with Antoine Bernheim, one of the managing partners of French fund Lazard Frères & Co. Later, in 1987, Arnault was asked by the president of the company, named Henri Racamier, to participate in LVMH.
In 1990, Arnault, partnering through a strategic alliance with Guinness PLC, expelled Racamier as well as started bringing a slew of clothing companies into the LVMH wrap: Givenchy, Christian Lacroix, and Kenzo, the leather products businesses Loewe, Berluti and Céline, the jewelers Fred Joailler, DFS company, which is one of the world’s greatest duty-free chain, and the cosmetics brand, Sephora.
Arnault became established in Europe as a person who restored French Dior in 1995 by hiring a British clothing designer named John Galliano to succeed the legendary Hubert de Givenchy with the latter’s clothing brand in Paris.
The “King of Style,” as Women’s Wear Daily called Arnault, transferred Galliano to Christian Dior later and selected brash British designer Alexander to substitute him. Arnault then recruited a young model who was an American named Marc Jacobs, to the position of the creative head at Louis Vuitton, which is a premium clothing and accessories maker. Arnault’s design foresight had renewed curiosity in those traditional fashion companies by the earliest 21st century.
Net Income Summary of Bernard Arnault
Most of Arnault’s wealth is extracted from a 97.4 percent stake in the high-end fashion company, Christian Dior. Based on the most recent yearly report od Dior in 2018, he owns the shares via organizations affiliated with his family, that is, Group Arnault. To signify his position as the founder, Bernard Arnault is associated with all of the assets held by the Group of Arnault in Dior, along with its other assets. As per its annual report, Arnault has 213,000 shares of Christian Dior, which are exempt from the net worth estimate.
Besides that, according to the report, Christian Dior owns 41 percent of LVMH, which is the world’s largest deluxe-goods company. Such securities are not included in the study as the interest has already been identified. The group holds an estimated 5.9 percent of LVMH, and these assets are also included in the total wealth estimate.
According to other 2018 financial statements, Arnault already holds an 8.6 per majority stake of Hermes, plus 1.9 percent in Carrefour. His liabilities include loans owned by Arnault Group, which are related to the acquisition as well as the sale of public stock shares. The valuation of its stock holdings is focused on income research, market conditions, insider sales, tax and charity donations.
Bernard Arnault’s Community Involvements
Bernard Arnault has been actively participating in philanthropic endeavors through his firm. His donations have helped in medical and scientific studies as well as in humanitarian aid. Some of the charities that obtain this funding are the Paris Hospital Fund, Save the Children and the Monaco Foundation’s Princess Grace.
Bernard Arnoult’s Hobbies
Bernard Arnault became renowned for his collection of art around the globe. The collection includes some of the works by Andy Warhol, Yves Klein, Pablo Henry Moore, and Picasso. Apart from that, from 1999 until 2003, he managed Phillips de Pury & Company’s jewelry auction house.
Honors and Recognitions
Arnault was appointed the Commander of the Legion of Honor, the highest order in France, in 2007. In the same year, Arnault was named among the 100 most powerful people in the whole world in Time magazine’s annual feature “Time 100”. Besides, in 2011, he has been awarded as the “Grand Officer of the French Legion of Honor”.
He achieved an award called Corporate Citizenship award in 2011 from the Woodrow Wilson International Center for Scholars. Moreover, he has been honored as the Honorary Knight Commander in 2012, which is considered as the Most Excellent Order of the British Empire. He has also been awarded the Museum of Modern Art’s David Rockefeller Award in 2014.
Finally, it can be said that by determination and risk-taking, Bernard Arnault gained all of his fortune and wealth. Which helped his businesses to grow in the long run. His success has encouraged many retail businesses to follow his lead afterward.