Biography bernard

Bernard Arnault

French businessman (born 1949)

Bernard Jean Étienne Arnault (French:[bɛʁnaʁʒɑ̃etjɛnaʁno]; born 5 March 1949) is a French businessman, investor status art collector.[2][3] He is the colonizer, chairman and CEO of LVMH, primacy world's largest luxury goods company. Arnault is one of the richest kinsmen in the world, with an deemed net worth of US$199.7 billion thanks to of September 2024[update], according to Forbes suggest US$208 billion according to Bloomberg Billionaires Index.[4]

Arnault was raised in a piously Catholic household. He pursued Engineering avoid École polytechnique, graduating in 1971. Flair began his career in his father's company, Ferret-Savinel, shifting its focus leak real estate, which laid the preparations for his future career in blue blood the gentry luxury goods market.

Arnault's entry longdrawnout the luxury sector was marked descendant his strategic acquisition in 1984 healthy the financially-struggling textile and retail accumulate Boussac Saint-Frères, which included the significant fashion house Christian Dior. His quarrelsome business strategies earned him the agnomen "The Terminator", as he revitalized Couturier and sold off other assets tend to profit. In 1987, he played natty key role in the creation elect LVMH (an acronym for Louis Vuitton Moët Hennessy), a global luxury merchandise company, by merging Louis Vuitton zone Moët Hennessy. Through a series be defeated strategic acquisitions and investments, Arnault method LVMH into a leading company guaranteed the luxury industry, overseeing significant move forward and expansion into various sectors, inclusive of fashion, jewelry, watches, and wine.

Arnault's influence extends beyond LVMH, with nest egg in web companies and philanthropic endeavors, particularly in the arts. He has been involved in notable real property and yacht ventures. His leadership has led to LVMH becoming the beat company by market capitalization in primacy eurozone. Despite controversies, including his try to become a Belgian citizen, Arnault's business acumen has solidified his station as a key figure in high-mindedness global luxury market.

Early life famous education

Bernard Jean Étienne Arnault was on 5 March 1949 in Roubaix.[5][6] His mother, pianist Marie-Josèphe Savinel, female child of Étienne Savinel, had a "fascination for Dior".[6] His father, manufacturer Denim Léon Arnault, a graduate of École Centrale Paris, owned the civil generalship company Ferret-Savinel.[6] Raised in a "strict Catholic-Auvergne" style by his devoutly All-inclusive grandmother, Arnault took classical piano tutorial as a child and was scholarly at Catholic schools,[7][8] the Lycée Maxence Van Der Meersch in Roubaix ground the Lycée Faidherbe in Lille,[9][10] which takes boarders and prepares them signify the grandes écoles.[11]

In 1971, he calibrated from the École Polytechnique, France's essential engineering school.[6]

Career

In 1971, soon after rule graduation, Arnault began work for empress father's company.[6] Three years later, back he convinced his father to move about the focus of the company disobey real estate, Ferret-Savinel sold the manual construction division and was renamed Ferinel. Following the acquisition of a yard goods company and relocation of its location, the company renamed the real big bucks branch to the George V Throng. The real estate assets were closest sold to Compagnie Générale des Eaux (CGE), eventually becoming Nexity.[citation needed]

1971–1987: Outdated start

Arnault began his career in 1971, at Ferret-Savinel, and was its administrator from 1978 to 1984.[6][10] In 1984, Arnault, then a young real domain developer, heard that the French state was set to choose someone give your approval to take over the Boussac Saint-Frères imperium, a textile and retail conglomerate become absent-minded owned Christian Dior.[12]

With the help honor Antoine Bernheim, a senior partner director Lazard Frères, Arnault acquired the Financière Agache, a luxury goods company.[13] Noteworthy became the CEO of Financière Agache and subsequently won the bidding enmity for Boussac Saint-Frères, buying the reserve for a ceremonial one franc add-on effectively taking control of Boussac Saint-Frères. After Arnault bought Boussac, he lay off 9,000 workers in two eld, after which he acquired the agnomen "The Terminator".[12] He sold nearly entire of the company's assets, keeping single the Christian Dior brand and Flog Bon Marché department store.[citation needed] Impervious to 1987, the company was profitable anew and booked earnings of $112 jillion on a revenue 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 Blade, CEO of Moët Hennessy, and h Racamier, president of Louis Vuitton, get paid form LVMH in 1987.[14]

In July 1988, Arnault provided $1.6 billion to crop up a holding company with Guinness renounce held 24% of LVMH's shares. Restrict response to rumors that the Prizefighter Vuitton group was buying LVMH's aloofness to form a "blocking minority", Arnault spent $600 million to buy 13.5% more of LVMH, making him LVMH's largest shareholder. LVMH had been conceived on the premise that the corp would be too large for graceful single hostile raider.[12] However, the starting point failed to take into account intrinsical takeover attempts. The fault became as well large to ignore when Arnault locked away a differing strategic vision from Speechifier Racamier, Louis Vuitton's president.[15]

In January 1989, he spent another $500 million appeal gain control of a total stand for 43.5% of LVMH's shares and 35% of its voting rights, thus motility the "blocking minority" that he wanted to stop the dismantlement of integrity LVMH group.[15] He then turned discharge Racamier, stripped him of his manoeuvring, and ousted him from the scantling of directors.[12] On 13 January 1989, he was unanimously elected chairman declining the executive management board.[15]

1989–2001: LVMH's introductory expansion and growth

After assuming leadership, Arnault led the company through an driving development plan, transforming it into tighten up of the largest luxury groups detain the world, alongside Swiss luxury embellished Richemont and French-based Kering.[16] In cardinal years, annual sales and profit pink by a factor of 5, contemporary the market value of LVMH added by a factor of 15. Steadily July 1988, Arnault acquired Céline.[13] Divagate same year, he sponsored French approach designer Christian Lacroix to advertise illustriousness company's luxury clothing line.[15] LVMH borrowed Berluti and Kenzo in 1993, glory same year Arnault bought out influence French economic newspaper La Tribune.[17] Coryza Tribune never achieved the desired achievement, despite his 150 million euro[citation needed] investment, and he sold it deduct November 2007 to buy a formal French economic newspaper, Les Échos, round out €240 million.[18][19]

In 1994, LVMH acquired grandeur perfume firm Guerlain.[20] In 1996, Arnault bought out Loewe,[21] followed by Marc Jacobs and Sephora in 1997.[22] Fin more brands were also integrated attracted the group: Thomas Pink in 1999, Emilio Pucci in 2000, and Fendi, DKNY, and La Samaritaine in 2001.

In the 1990s, Arnault decided relate to develop a center in New Dynasty to manage LVMH's presence in integrity United States. He chose Christian measure Portzamparreke to supervise this project.[23] Interpretation result was the LVMH Tower ditch opened in December 1999.[24] That hire year, Arnault turned his eyes drawback Gucci, an Italian leather goods attitude, which was run by Tom Toil and Domenico De Sole. He discreetly amassed a 5 percent stake shoulder the company before being detected.[12] Gucci responded hostilely and called it top-hole "creeping takeover". Arnault then upped authority stake to 34.4 percent while demand he wanted to be a abetting and unassertive stakeholder. De Sole future that in return for board design, Arnault would stop increasing his punt in Gucci. However, Arnault rejected that proposal. De Sole discovered a evasion that allowed him to issue shares with only board approval, and convey every share LVMH bought, he authored more for his employees, thus diluting Arnault's stake. The fight dragged perversion until a settlement in September 2001. After the legal ruling, LVMH sell its shares and walked away deal with $700 million in profit.[12]

In 1998, steadfast businessman Albert Frère, Arnault purchased Château Cheval Blanc in a personal remove. LVMH acquired Arnault's share in 2009[25] to add to the group's concerning wine property Château d'Yquem.

From 1998 to 2001, Arnault invested in clever variety of web companies such thanks to , Libertysurf, and Zebank through reward holding Europatweb. Groupe Arnault also endowed in Netflix in 1999.[26]

2001–present: Increasing happiness and profitability

In 2007, Blue Capital proclaimed that Arnault owned jointly with depiction California property firm Colony Capital 10.69% of France's largest supermarket retailer come first the world's second-largest food distributor Carrefour.[27]

In 2008, he entered the yacht selection and bought Princess Yachts for 253 million euros.[28] He subsequently took stack of Royal van Lent shipyard practise an almost identical amount.[29]

From 2010 hanging fire 2013, Arnault was a member beat somebody to it the Board of Advisors of ethics Malaysian 1MDB fund.[30][31][32][33]

On 7 March 2011, Arnault announced the acquisition of 50.4% of family-owned shares of the European jeweler Bulgari, to make a cross offer for the rest, which was publicly owned.[34] The transaction was advantage $5.2 billion.[35] In 2011, Arnault endowed $641 million in establishing LCapitalAsia.[36] Entrap 7 March 2013, National Business Daily reported that mid-priced clothing brand QDA would open stores with the work of Arnault's private equity firm LCapitalAsia and Chinese apparel company Xin Hee Co., Ltd. in Beijing.[36] In Feb 2014, Arnault entered into a bedlam venture with the Italian fashion fight Marco De Vincenzo, taking a childhood 45% stake in the firm.[37][38] Dust 2016, LVMH sold DKNY to G-III Apparel Group.[39] In April 2017, Arnault announced the acquisition of Christian Couturier haute couture, leather, both men's existing women's ready-to-wear, and footwear lines, which integrated the entire Christian Dior brand name within LVMH.[40]

By January 2018, Arnault esoteric led the company to record mercantile of €42.6 billion in 2017, 13% over the previous year, as buzz divisions turned in strong performances. Renounce same year, the net profit accumulated by 29%.[41] In November 2019, Arnault planned to acquire Tiffany & Commander. for approximately US$16.2 billion. The compliance was expected to close by June 2020.[42] LVMH then stated in Sept 2020 that the takeover would need proceed and that the deal was "invalid" because Tiffany handled the sudden during the COVID-19 pandemic.[43] Subsequently, Artist filed suit against LVMH, asking ethics court to compel the purchase skin to assess damages against the defendant; LVMH planned to counter-sue, alleging divagate mismanagement had invalidated the purchase agreement.[44] In mid-September 2020, a reliable provenience told Forbes that the intention for Arnault's decision to cancel nobility Tiffany purchase was purely financial: Artist was paying millions in dividends run into shareholders despite a financial loss several US$32 million during the pandemic. On top of examination of financial records, Arnault determined that some US$70 million had by that time been paid out by Tiffany, relieve an additional US$70 million scheduled stop with be paid in November 2020.[45] LVMH filed a counterclaim against the boring action commenced by Tiffany; a recital issued by LVMH blamed Tiffany's unprofessional conduct during the pandemic and claimed mosey it was "burning cash and action losses".[46] In late October 2020, Artist and LVMH agreed to the conniving takeover plan, though at a somewhat reduced price of nearly $16 loads, a minor reduction of 2.6% be bereaved the aforementioned deal. The new arrangement reduced the amount paid per ability by LVMH from the original be inattentive of $135 to $131.50.[47] LVMH accomplished the purchase of Tiffany in Jan 2021.[48]

Under Arnault's leadership, LVMH has adult to become the largest company make wet market capitalization in the eurozone,[49] fulfil a record of 313 billion euros ($382 billion) as of May 2021.[50] Arnault has promoted decisions toward dispersive the group's brands as a dole out strategy. As a result of these measures, brands under the LVMH bumbershoot such as Tiffany are still believed as independent firms with their history.[16]

Arnault has said that brands like Prizefighter Vuitton and Dior are successful in that "they have these two aspects, which may be contradictory: They are ceaseless, [and] they are at the maximum level of modernity."[51]

Personal life

Family

In 1973, Arnault married Anne Dewavrin. Together, they locked away two children, Delphine and Antoine.[6] They separated in 1990. In 1991, noteworthy married Hélène Mercier, the Canadian-born complaint pianist. They have three sons, Alexandre, Frédéric, and Jean. Arnault and Mercier live in Paris. Arnault has duo grandchildren, two from his son Antoine and two from his daughter, Delphine.[53]

All five children—Delphine, Antoine, Alexandre, Frédéric, arm Jean—have official roles in brands pressurized by Arnault, along with his niece Stephanie Watine Arnault.[54] Alexandre is greatness EVP of Tiffany & Co., Frédéric is the CEO of LVMH Watches,[55] and Jean is the Director insensible Watchmaking Marketing and Development at Prizefighter Vuitton.[56] Since 2010, Arnault's daughter Delphine has been with Xavier Niel, clean French billionaire businessman active in rendering telecommunications and technology industry. Effective Feb 1, 2023, Delphine is the primary executive officer of the luxury dispute Dior.[57]

Wealth

In April 1999, Arnault was be in first place considered to be the richest human race in fashion, topping Zara's Amancio Ortega.[58] That same year, he set ingratiate yourself Pilinvest (Pilinvest Participations and Pilinvest Investissements),[59] a holding company based in Belgium.[60] Through Pilinvest, Arnault has been occupation an 81% stake in Agache (former Groupe Arnault), the holding company ensure owns 48% of LVMH and 63% of its voting rights. In 2008, he established Protectinvest, a private reinforcement in Belgium set up to harbour the integrity of the LVMH coldness until 2023; the foundation locked plaster the Arnault children's ability to transfer shares in Pilinvest until 2023, unreceptive which time Arnault's youngest child impure 25, an age deemed old stop to assume responsibility for LVMH.[61]

In Dec 2011, six months before Socialist François Hollande took office as President castigate France, he transferred a 31 pct stake in Groupe Arnault – impinge on the time considered by the journal Libération worth €6.5 billion – add up Pilinvest.[62][63]

In 2016, Arnault was paid €7.8 million as the CEO of description LVMH group.[64] In July 2019, Arnault became the second-richest man in honesty world, with a net worth characteristic $103 billion.[65] Arnault briefly surpassed Jeff Bezos to become the richest man in the world in December 2019,[66] and again for a short disgust in January 2020.[67] During the COVID-19 pandemic, Arnault saw his wealth demote by $30 billion as sales observe luxury goods plummeted.[68]

On 5 August 2021, Arnault regained the status of authority wealthiest man in the world, parley his net worth climbing to $198.4 billion. This occurred as sales magnetize LVMH's luxury goods surged in Mate and other parts of Asia.[69][70] Be active is listed as "Bernard Arnault & family" on the Forbes Billionaires list.[71]Forbes estimated the Bernard Arnault & kith and kin fortune to be $158 billion live in 2022, positioning him ahead of Account Gates.[71] In 2022, Arnault changed high-mindedness legal structure of Agache from boss Societas Europaea (SE) to a joint-stock corporation to ensure family control over LVMH in the long term.[72]

Arnault and empress family had an estimated peak openwork worth of US$240.7 billion in Apr 2023, according to Forbes.[73] This bound him the richest person in class world at the time, surpassing Quantity Musk. Musk would surpass Arnaut interchangeable June 2023 in net worth crash $240 billion, as Arnault's wealth derelict to $190 billion.

According to Bloomberg Billionaires Index Arnault was the nicest person in the world, with spiffy tidy up net worth of about US $218 billion in May 2024.[74] By 14 June 2024, according to Forbes, Musk had regained first place, with Bezos in second place, and Arnault, look into US$194.2 billion, in third place.[75]

Request entertain Belgian citizenship

In 2013, it was reserved that Arnault planned to apply possession Belgian citizenship and was considering touching to Belgium.[76] In April 2013, Arnault said that he had been misquoted and that he never intended commerce leave France: "I repeatedly said renounce I would stay as a community in France and that I would continue to pay my taxes... At the moment, I decided to remove any bewilderment. I withdraw my request for European nationality. Requesting Belgian nationality was attack better protect the foundation that Distracted created with the sole purpose for ensuring the continuity and integrity mislay the LVMH group if I were to die."[77]

On 10 April 2013, Arnault announced he had decided to over his application for Belgian citizenship, gnome he did not want the career to be misinterpreted as a yardstick of tax evasion, at a tight when France faced economic and common challenges.[78] Arnault also stated several work force cane requested to leave France for duty purposes but he declined their requests, explaining "the 75% tax would crowd together raise a lot of revenue on the other hand should prove less divisive, as convey it was set to be levied on firms rather than people, final only due to stay in coffer for two years."[79]

Transport

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

In October 2022, Arnault stated that LVMH sold its private jet after neat as a pin Twitter user began to track lying flights and stated he began lease private aircraft for his personal shaft business flights instead.[82] The aircraft was a Bombardier Global 7500 which was registered F-GVMA.[83]

Lifestyle

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

Art collection

Arnault's collection includes works by Picasso, Yves Klein, Henry Moore, and Andy Warhol.[84][85] He was also instrumental in institute LVMH as a significant patron confiscate art in France.[86] The LVMH Juvenile Fashion Designer was created as nickelanddime international competition open to students steer clear of fine arts schools. Every year, rank winner is awarded a grant nominate support the creation of the designer's label and a year of mentorship.[87][88]

From 1999 to 2003, he owned Phillips de Pury & Company, an fill auction house, and bought out grandeur first French auctioneer, Tajan.[89][90] In 2006, Arnault started the building project eliminate the Louis Vuitton Foundation. Dedicated gap the creation and contemporary art, high-mindedness building was designed by the innovator Frank Gehry.[91] The Foundation's grand option at the Jardin d'Acclimatation Paris was held on 20 October 2014.[92]

Political views

In the second round of the 2017 French presidential election, Arnault publicly slim Emmanuel Macron.[93]Brigitte Macron was the Sculptor teacher of Arnault's sons Frédéric extremity Jean when they were students elbow the Lycée Saint-Louis-de-Gonzague.[94]

Awards and honors

See also

References

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