Bernard Arnault, a 73-year-old French businessman, is the chairman and CEO of LVMH Mot Hennessy – Louis Vuitton, or LVMH. Arnault owns 97.5% of Christian Dior, which is responsible for controlling 41.2% of LVMH. Bernard Arnault shortly defeated Elon Musk as the world’s richest person.
Read more about the richest man Bernard Arnault Biography, Age, Net worth, Wife, Children, Family, Career, House in this article.
Bernard Arnault Biography
Bernard Arnault was born in Roubaix, France, on March 5, 1949. His father was the owner of a company called Ferret-Savinel, which did civil engineering. Since he had already worked in business, he was smart and clever when it came to business and making decisions.
He went to the École Polytechnique, which is one of France’s best schools, to study engineering. After finishing school, Arnault went to work for Ferret-Savinel, the construction company run by his father.
After college, Bernard Arnault went to work with his father in the family business. He had to work at it, but he was able to make the company grow and make more money. One way he did this was by getting rid of the construction part of the company and putting all of its attention on real estate.
The company’s name was changed to Ferinel, and the money from the sale was put right back into the real estate business. Their specialty was making places to stay for vacations.
Bernard Arnault was getting more important in business. In 1974, he was made Director of Company Development. In 1977, he was made CEO. In 1979, he took over as president of the family business from his father.
When Francois Mitterrand was elected president of France and the French Socialists took over, Bernard Arnault and his family moved to the United States. There, he was able to start a branch of the real estate business run by his family.
Bernard Arnault built condos in Palm Beach, Florida, and kept adding to his wealth by doing so. When the economy got better in 1983, he went back to France.
Arnault’s next business venture was in the textiles industry. When Boussac Saint-Frères filed for bankruptcy, he and Antoine Bernheim worked to buy the company. He sold off most of the company’s assets, except for the Christian Dior fashion house and the Le Bon Marché department store.
In 1985, Bernard Arnault was the CEO of Dior, and when the company was sold, he made $400 million. He was working on buying Mot Hennessy Louis Vuitton SE in 1987. (LVMH). By 1989, he owned 35% of the voting rights and 43.5% of the shares. He was chosen to be the head of the board of executives.
Like he did with his father’s business, Bernard Arnault helped LVMH grow and expand. This meant making changes at the top to bring in new people and ideas. The European luxury goods conglomerate has five business groups now: perfumes and cosmetics, fashion and leather goods, wine and spirits, watches and jewelry, and selective retailing. It’s made up of more than 70 well-known brands.
Bernard Arnault helped buy Guerlain, Marc Jacobs, Sephora, and Thomas Pink, among other companies. Some of the other investments were in websites like Boo.com and Zebank. He was also one of the people who put money into Netflix. He bought Princess Yachts and the Royal Van Lent shipyard in 2008.
Bernard Arnault wife: Is Bernard Arnault married?
Bernard Arnault was married twice. In 1973, he got married to Anne Dewavrin. Before they broke up in 1990, they had two children. He later married pianist, Hélène Mercier. There are three kids in the family.
Bernard Arnault net worth in billion
Bernard Arnault is still one of the richest people in the world with a net worth of 185 billion. He used to be the richest person in Europe and the fourth richest person in the world.
Bernard Arnault got to be so rich by being ambitious and taking risks that helped his companies grow and do well. His work has been used as a model by other fashion companies.