Bernard Arnault is a French magnate in the luxury industry. His company controls brands such as Christian Dior, Louis Vuitton and Tiffany & Co. Arnault’s net worth is over $ 170 billion.
Bernard Arnault came in second on the Forbes’ real-time ranking with assets estimated at $ 176 billion. Before him is only Amazon creator Jeff Bezos ($ 196 billion).
Right behind Arnault are Elon Musk ($ 174 billion), Bill Gates ($ 131 billion) and Mark Zuckerberg ($ 110 billion). So you can see that Arnault was just “by a hair” ahead of Musk – $ 2 billion.
Bernard Arnault was born in 1949, comes from France . He is the co-owner and president of the largest concern on the luxury goods market: LVMH. The group’s portfolio includes brands such as Louis Vuitton, Fendi, Christian Dior, and among alcoholic drinks – Moet & Chandon and Dom Perignon champagnes and Hennessy cognac. LVMH is actually short for Louis Vuitton Moët Hennessy.
Arnault became one of the first three centimillionaires , or people with assets valued at over $ 100 billion, in the world – right after Jeff Bezos and Bill Gates. His fortune grew to $ 100 billion. in June 2019, but then declined significantly following the outbreak of the pandemic, as the rates of the luxury company collapsed . His fortune has increased by more than $ 70 billion since then.
According to the latest available data, the Arnault family holding company owns 46.84 percent. shares in LVMH and 63.13 percent. votes in the company.
Arnault began his career in 1971 working for his father’s Ferret-Savinel. In 1978, Bernard, at the age of 29, became president of the company. He held this position until 1984, when he and his colleague Antoine Bernheim took over the luxury company Financière Agache. A little later, they took over Boussac Saint-Frères, a company with the Christian Dior brand, and French retail chains: Le Bon Marche, Conforama, and even the manufacturer of Peaudouce diapers.
Arnault decided to sell off almost all of the company’s assets, leaving only … the Dior brand and Le Bon Marche stores. In 1988, Arnault created a holding in conjunction with Guinness, which then owned 24 percent. LVMH . The LVMH group itself was established in 1987 as a result of the merger of Louis Vuitton with Moët Hennessy. Arnault, wanting to become the largest shareholder of LVMH, bought 13.5 percent. company shares for 600 million dollars.
Since then, Arnault has developed LVMH into an absolute luxury giant, the largest of its kind in the world . His group controls clothing brands, perfumes, fashion houses, alcohol and jewelry. The group led by Arnault continues in its efforts – in 2020 it took over the famouc Tiffany & Co., whose director was Bernard’s son , 28-year-old Alexandre. Bernard’s second son, Frédéric, is in turn the director of a watch company – TAG Heuer.
In 2021, LVMH bought a stake in the champagne brand owner by Jay-Z .