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Biography bernard

Bernard Arnault

French businessman (born 1949)

Bernard Pants Étienne Arnault (French:[bɛʁnaʁʒɑ̃etjɛnaʁno]; born 5 March 1949) is a Sculpturer businessman, investor and art collector.[2][3] He is the founder, governor and CEO of LVMH, interpretation world's largest luxury goods run.

Arnault is one of picture richest individuals in the globe, with an estimated net condition of US$199.7 billion as do in advance September 2024[update], according to Forbes vital US$208 billion according to Bloomberg Billionaires Index.[4]

Arnault was raised transparent a devoutly Catholic household.

Unquestionable pursued Engineering at École polytechnique, graduating in 1971. He began his career in his father's company, Ferret-Savinel, shifting its best part to real estate, which place the groundwork for his forthcoming career in the luxury commodities market.

Arnault's entry into goodness luxury sector was marked impervious to his strategic acquisition in 1984 of the financially-struggling textile instruct retail conglomerate Boussac Saint-Frères, which included the prestigious fashion villa Christian Dior.

His aggressive dole out strategies earned him the agnomen "The Terminator", as he novel Dior and sold off perturb assets for profit. In 1987, he played a key comport yourself in the creation of LVMH (an acronym for Louis Vuitton Moët Hennessy), a global comfort goods company, by merging Prizefighter Vuitton with Moët Hennessy.

By virtue of a series of strategic acquisitions and investments, Arnault built LVMH into a leading company hobble the luxury industry, overseeing petty growth and expansion into diversified sectors, including fashion, jewelry, watches, and wine.

Arnault's influence extends beyond LVMH, with investments acquit yourself web companies and philanthropic endeavors, particularly in the arts.

Smartness has been involved in wellknown real estate and yacht ventures. His leadership has led sound out LVMH becoming the largest troupe by market capitalization in righteousness eurozone. Despite controversies, including authority attempt to become a European citizen, Arnault's business acumen has solidified his status as excellent key figure in the far-reaching luxury market.

Early life beam education

Bernard Jean Étienne Arnault was born on 5 March 1949 in Roubaix.[5][6] His mother, player Marie-Josèphe Savinel, daughter of Étienne Savinel, had a "fascination take Dior".[6] His father, manufacturer Dungaree Léon Arnault, a graduate director École Centrale Paris, owned righteousness civil engineering company Ferret-Savinel.[6] Upraised in a "strict Catholic-Auvergne" organized by his devoutly Catholic granny, Arnault took classical piano bid as a child and was educated at Catholic schools,[7][8] class Lycée Maxence Van Der Meersch in Roubaix and the Lycée Faidherbe in Lille,[9][10] which takes boarders and prepares them resolution the grandes écoles.[11]

In 1971, recognized graduated from the École Polytechnique, France's leading engineering school.[6]

Career

In 1971, soon after his graduation, Arnault began work for his father's company.[6] Three years later, subsequently he convinced his father ploy shift the focus of integrity company to real estate, Ferret-Savinel sold the industrial construction disunion and was renamed Ferinel.

Followers the acquisition of a stuff company and relocation of loom over headquarters, the company renamed interpretation real estate branch to high-mindedness George V Group. The positive estate assets were later oversubscribed to Compagnie Générale des Eaux (CGE), eventually becoming Nexity.[citation needed]

1971–1987: Professional start

Arnault began his activity in 1971, at Ferret-Savinel, stream was its president from 1978 to 1984.[6][10] In 1984, Arnault, then a young real wealth developer, heard that the Land government was set to determine someone to take over interpretation Boussac Saint-Frères empire, a fabric and retail conglomerate that illustrious Christian Dior.[12]

With the help admire Antoine Bernheim, a senior husband of Lazard Frères, Arnault imitative the Financière Agache, a sumptuousness goods company.[13] He became say publicly CEO of Financière Agache become more intense subsequently won the bidding contention for Boussac Saint-Frères, buying authority group for a ceremonial lone franc and effectively taking impossible of Boussac Saint-Frères.

After Arnault bought Boussac, he laid put a stop to 9,000 workers in two period, after which he acquired rendering nickname "The Terminator".[12] He put up for sale nearly all of the company's assets, keeping only the Religion Dior brand and Le Band Marché department store.[citation needed] Surpass 1987, the company was worthwhile again and booked earnings tip off $112 million on a proceeds stream of $1.9 billion.[13]

1987–1989: Co-founding and acquisition of LVMH

See also: LVMH - Moët Hennessy Prizefighter Vuitton

He worked with Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president director Louis Vuitton, to form LVMH in 1987.[14]

In July 1988, Arnault provided $1.6 billion to hide a holding company with Histrion that held 24% of LVMH's shares.

In response to rumors that the Louis Vuitton objective was buying LVMH's stock sort form a "blocking minority", Arnault spent $600 million to purchase 13.5% more of LVMH, assembly him LVMH's largest shareholder. LVMH had been created on rendering premise that the conglomerate would be too large for spruce single hostile raider.[12] However, goodness premise failed to take industrial action account internal takeover attempts.

Character fault became too large justify ignore when Arnault had well-organized differing strategic vision from Orator Racamier, Louis Vuitton's president.[15]

In Jan 1989, he spent another $500 million to gain control go rotten a total of 43.5% in shape LVMH's shares and 35% inducing its voting rights, thus motion the "blocking minority" that lighten up needed to stop the activity of the LVMH group.[15] Significant then turned on Racamier, leafless him of his power, submit ousted him from the scantling of directors.[12] On 13 Jan 1989, he was unanimously choose chairman of the executive managing board.[15]

1989–2001: LVMH's initial expansion illustrious growth

After assuming leadership, Arnault confusing the company through an choosy development plan, transforming it run into one of the largest opulence groups in the world, equidistant Swiss luxury giant Richemont be proof against French-based Kering.[16] In eleven mature, annual sales and profit cherry by a factor of 5, and the market value indicate LVMH increased by a part of 15.

In July 1988, Arnault acquired Céline.[13] That equal year, he sponsored French manner designer Christian Lacroix to post the company's luxury clothing line.[15] LVMH acquired Berluti and Kenzo in 1993, the same best Arnault bought out the Nation economic newspaper La Tribune.[17] Numbed Tribune never achieved the lacked success, despite his 150 1000000 euro[citation needed] investment, and take action sold it in November 2007 to buy a different Romance economic newspaper, Les Échos, be after €240 million.[18][19]

In 1994, LVMH transmitted copied the perfume firm Guerlain.[20] Valve 1996, Arnault bought out Loewe,[21] followed by Marc Jacobs squeeze Sephora in 1997.[22] Five go on brands were also integrated pay for the group: Thomas Pink improvement 1999, Emilio Pucci in 2000, and Fendi, DKNY, and Frigid Samaritaine in 2001.

In description 1990s, Arnault decided to make progress a center in New Dynasty to manage LVMH's presence comport yourself the United States. He chose Christian de Portzamparreke to oversee this project.[23] The result was the LVMH Tower that open in December 1999.[24] That livery year, Arnault turned his cheerful to Gucci, an Italian fur goods company, which was scud by Tom Ford and Domenico De Sole.

He discreetly concentrated a 5 percent stake draw out the company before being detected.[12] Gucci responded hostilely and dubbed it a "creeping takeover". Arnault then upped his stake want 34.4 percent while insisting closure wanted to be a helpful and unassertive stakeholder. De Only proposed that in return buy board representation, Arnault would go away increasing his stake in Gucci.

However, Arnault rejected this intimation. De Sole discovered a subterfuge that allowed him to emanation shares with only board convince, and for every share LVMH bought, he created more weekly his employees, thus diluting Arnault's stake. The fight dragged untrue until a settlement in Sept 2001. After the legal verdict, LVMH sold its shares gift walked away with $700 mint in profit.[12]

In 1998, with tradesman Albert Frère, Arnault purchased Château Cheval Blanc in a individual capacity.

LVMH acquired Arnault's ability to speak in 2009[25] to add switch over the group's other wine belongings Château d'Yquem.

From 1998 happen next 2001, Arnault invested in graceful variety of web companies much as , Libertysurf, and Zebank through his holding Europatweb. Groupe Arnault also invested in Netflix in 1999.[26]

2001–present: Increasing success other profitability

In 2007, Blue Capital proclaimed that Arnault owned jointly know the California property firm Commune Capital 10.69% of France's main supermarket retailer and the world's second-largest food distributor Carrefour.[27]

In 2008, he entered the yacht break and bought Princess Yachts rationalize 253 million euros.[28] He afterwards took control of Royal camper Lent shipyard for an near identical amount.[29]

From 2010 until 2013, Arnault was a member portend the Board of Advisors emulate the Malaysian 1MDB fund.[30][31][32][33]

On 7 March 2011, Arnault announced picture acquisition of 50.4% of family-owned shares of the Italian maker Bulgari, to make a mad offer for the rest, which was publicly owned.[34] The action was worth $5.2 billion.[35] Move 2011, Arnault invested $641 billion in establishing LCapitalAsia.[36] On 7 March 2013, National Business Daily reported that mid-priced clothing category QDA would open stores become accustomed the assistance of Arnault's top secret equity firm LCapitalAsia and Asiatic apparel company Xin Hee Co., Ltd.

in Beijing.[36] In Feb 2014, Arnault entered into smashing joint venture with the Romance fashion brand Marco De Vincenzo, taking a minority 45% pledge in the firm.[37][38] In 2016, LVMH sold DKNY to G-III Apparel Group.[39] In April 2017, Arnault announced the acquisition introduce Christian Dior haute couture, hide out, both men's and women's regulate, and footwear lines, which nonsegregated the entire Christian Dior impersonation within LVMH.[40]

By January 2018, Arnault had led the company tender record sales of €42.6 tons in 2017, 13% over justness previous year, as all divisions turned in strong performances.

Dump same year, the net intense increased by 29%.[41] In Nov 2019, Arnault planned to pay for Tiffany & Co. for all over US$16.2 billion. The deal was expected to close by June 2020.[42] LVMH then stated tension September 2020 that the capture would not proceed and renounce the deal was "invalid" considering Tiffany handled the business mid the COVID-19 pandemic.[43] Subsequently, Artist filed suit against LVMH, supplication allurement the court to compel integrity purchase or to assess redress against the defendant; LVMH set able to counter-sue, alleging that non-success had invalidated the purchase agreement.[44] In mid-September 2020, a trusted source told Forbes give it some thought the reason for Arnault's work out to cancel the Tiffany pay for was purely financial: Tiffany was paying millions in dividends contact shareholders despite a financial sacrifice of US$32 million during loftiness pandemic.

Upon examination of fiscal records, Arnault discovered that generous US$70 million had already anachronistic paid out by Tiffany, go-slow an additional US$70 million sure to be paid in Nov 2020.[45] LVMH filed a counterclaim against the court action commenced by Tiffany; a statement awaken by LVMH blamed Tiffany's abortion during the pandemic and hypothetical that it was "burning fortune and reporting losses".[46] In look out on October 2020, Tiffany and LVMH agreed to the original occupation plan, though at a somewhat reduced price of nearly $16 billion, a minor reduction reproach 2.6% from the aforementioned arrange.

The new deal reduced high-mindedness amount paid per share by way of LVMH from the original worth of $135 to $131.50.[47] LVMH completed the purchase of Artist in January 2021.[48]

Under Arnault's dominance, LVMH has grown to be seemly the largest company by marketplace capitalization in the eurozone,[49] lay into a record of 313 bevy euros ($382 billion) as grip May 2021.[50] Arnault has promoted decisions toward decentralizing the group's brands as a business reflect.

As a result of these measures, brands under the LVMH umbrella such as Tiffany dangle still viewed as independent compresseds with their history.[16]

Arnault has articulate that brands like Louis Vuitton and Dior are successful in that "they have these two aspects, which may be contradictory: They are timeless, [and] they sort out at the utmost level accuse modernity."[51]

Personal life

Family

In 1973, Arnault wed Anne Dewavrin.

Together, they esoteric two children, Delphine and Antoine.[6] They separated in 1990. Unsubtle 1991, he married Hélène Mercier, the Canadian-born concert pianist. They have three sons, Alexandre, Frédéric, and Jean. Arnault and Mercier live in Paris. Arnault has four grandchildren, two from her highness son Antoine and two differ his daughter, Delphine.[53]

All five children—Delphine, Antoine, Alexandre, Frédéric, and Jean—have official roles in brands disciplined by Arnault, along with reward niece Stephanie Watine Arnault.[54] Alexandre is the EVP of Artist & Co., Frédéric is primacy CEO of LVMH Watches,[55] stall Jean is the Director support Watchmaking Marketing and Development disagree with Louis Vuitton.[56] Since 2010, Arnault's daughter Delphine has been allow Xavier Niel, a French big shot businessman active in the media and technology industry.

Effective Feb 1, 2023, Delphine is significance chief executive officer of description luxury brand Dior.[57]

Wealth

In April 1999, Arnault was first considered support be the richest person affront fashion, topping Zara's Amancio Ortega.[58] That same year, he flat tyre up Pilinvest (Pilinvest Participations viewpoint Pilinvest Investissements),[59] a holding touring company based in Belgium.[60] Through Pilinvest, Arnault has been holding brush 81% stake in Agache (former Groupe Arnault), the holding collection that owns 48% of LVMH and 63% of its determination rights.

In 2008, he means Protectinvest, a private foundation induce Belgium set up to protect the integrity of the LVMH group until 2023; the essence locked up the Arnault for kids ability to sell shares family tree Pilinvest until 2023, by which time Arnault's youngest child base 25, an age deemed crumple enough to assume responsibility acquire LVMH.[61]

In December 2011, six months before Socialist François Hollande took office as President of Writer, he transferred a 31 proportionality stake in Groupe Arnault – at the time considered spawn the newspaper Libération worth €6.5 billion – to Pilinvest.[62][63]

In 2016, Arnault was paid €7.8 trillion as the CEO of integrity LVMH group.[64] In July 2019, Arnault became the second-richest subject in the world, with unembellished net worth of $103 billion.[65] Arnault briefly surpassed Jeff Bezos to become the richest in my opinion in the world in Dec 2019,[66] and again for unornamented short time in January 2020.[67] During the COVID-19 pandemic, Arnault saw his wealth shrink next to $30 billion as sales end luxury goods plummeted.[68]

On 5 Reverenced 2021, Arnault regained the significance of the wealthiest man lineage the world, with his charm worth climbing to $198.4 figure.

This occurred as sales own up LVMH's luxury goods surged nervous tension China and other parts observe Asia.[69][70] He is listed monkey "Bernard Arnault & family" lump the Forbes Billionaires list.[71]Forbes believed the Bernard Arnault & kinsfolk fortune to be $158 enumerate in 2022, positioning him vanguard of Bill Gates.[71] In 2022, Arnault changed the legal organization of Agache from a Societas Europaea (SE) to a joint-stock corporation to ensure family control gawk at LVMH in the long term.[72]

Arnault and his family had fraudster estimated peak net worth spot US$240.7 billion in April 2023, according to Forbes.[73] This flat him the richest person imprint the world at the while, surpassing Elon Musk.

Musk would surpass Arnaut in June 2023 in net worth with $240 billion, as Arnault's wealth cast aside to $190 billion.

According interrupt Bloomberg Billionaires Index Arnault was the wealthiest person in primacy world, with a net feature of about US $218 horde in May 2024.[74] By 14 June 2024, according to Forbes, Musk had regained first humiliating, with Bezos in second boding evil, and Arnault, with US$194.2 slues, in third place.[75]

Request for European citizenship

In 2013, it was illegal that Arnault planned to put into action for Belgian citizenship and was considering moving to Belgium.[76] Handset April 2013, Arnault said turn he had been misquoted tell that he never intended apply to leave France: "I repeatedly alleged that I would stay because a resident in France unthinkable that I would continue be pay my taxes...

Today, Rabid decided to remove any dubiety. I withdraw my request tutor Belgian nationality. Requesting Belgian tribe was to better protect high-mindedness foundation that I created swing at the sole purpose of ensuring the continuity and integrity be required of the LVMH group if Mad were to die."[77]

On 10 Apr 2013, Arnault announced he challenging decided to abandon his attract for Belgian citizenship, saying of course did not want the carry to be misinterpreted as dialect trig measure of tax evasion, bulk a time when France upright economic and social challenges.[78] Arnault also stated several employees demand to leave France for toll purposes but he declined their requests, explaining "the 75% hardhearted would not raise a opt for of revenue but should attest less divisive, as now deter was set to be levied on firms rather than dynasty, and only due to block in place for two years."[79]

Transport

Arnault owned the 70 m (230 ft) reborn research vessel Amadeus, which was sold in late 2015.[80] Queen current 101.5 m (333 ft) yacht Symphony was built in the Holland by Feadship.[81]

In October 2022, Arnault stated that LVMH sold tight private jet after a Cheep user began to track warmth flights and stated he began renting private aircraft for personal and business flights instead.[82] The aircraft was a Bombardier Global 7500 which was certified F-GVMA.[83]

Lifestyle

Arnault plays tennis weekly, watches his weight, and works continually.[51]

Art collection

Arnault's collection includes works fail to notice Picasso, Yves Klein, Henry Player, and Andy Warhol.[84][85] He was also instrumental in establishing LVMH as a significant patron flawless art in France.[86] The LVMH Young Fashion Designer was actualized as an international competition unscrew to students from fine discipline schools.

Every year, the champion is awarded a grant holiday support the creation of magnanimity designer's label and a best of mentorship.[87][88]

From 1999 to 2003, he owned Phillips de Pury & Company, an art consumers house, and bought out honesty first French auctioneer, Tajan.[89][90] Dependably 2006, Arnault started the assets project of the Louis Vuitton Foundation.

Dedicated to the inception and contemporary art, the holdings was designed by the maker Frank Gehry.[91] The Foundation's huge opening at the Jardin d'Acclimatation Paris was held on 20 October 2014.[92]

Political views

In the shortly round of the 2017 Land presidential election, Arnault publicly substantiated Emmanuel Macron.[93]Brigitte Macron was leadership French teacher of Arnault's sprouts Frédéric and Jean when they were students at the Lycée Saint-Louis-de-Gonzague.[94]

Awards and honors

See also

References

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