Bernard Arnault is one of the most prominent leaders in the business world. He is the Chairman and CEO of the French multinational company Moet Hennessy Louis Vuitton (LVMH). The company specializes in manufacturing luxury items such as clothing, cosmetics, fashion accessories, jewelry, perfume, etc. In addition, products from LVMH are one of the top choices of celebrities and people worldwide.
The businessman is the main factor behind the signature look of Louis Vuitton goods. He helped raise the company's reputation to be one of the leading brands in the world. Furthermore, Bernard has established himself as a centibillionaire in the world and his family is the richest family in the world. He has even topped Amazon's founder Jeff Bezos to become the world's wealthiest man.
So, how did Bernard Arnault reach the pinnacle of his career; let's get to know in this biography.
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Early Life And Family
The business mogul was born Bernard Jean Étienne Arnault, on March 5, 1949, in Roubaix, France. He was born into an industrial family who was involved in the business for a long time. Moreover, Bernard Arnault's grandfather, Étienne Savinel, was the owner of Ferret-Savinel, a civil engineering company.
Later, Bernard Arnault's father, Jean Leon Arnault, received the firm's ownership from his father-in-law. However, it was his mom who inspired the French investor to pursue a career in business.
Bernard Arnault's mother, Marie-Josèphe Savinel, always chose the Christian Dior brand, which her son would later own. So, in a way, it served as the contribution behind his career choice in the future.
Bernard Arnault comes from an industrialist family, which helped shape his future career. Photo Source: Social Media.
The CEO completed his formal education at Roubaix Lycee and Lycee Faidherbe. He then enrolled at the Ecole Polytechnique, France's most reputable engineering college. There, Arnault graduated with a degree in engineering in 1971 and began working as an engineer in his dad's company.
Beginning Of Business Career
Aforementioned, Bernard Arnault joined his father's engineering company as an engineer. Although it was a family business, he didn't get any particular preference and worked his way to the top. Moreover, the French personality urged his father, Jean Leon, to switch the firm's focus from construction to real estate.
As a result, the company's success rate reached new heights. However, it also went through several changes, and Arnault eventually succeeded as the chairman in 1978.
Bernard Arnault initially focused on real estate and later began experimenting on textile corporations during his earlier career years. Photo Source: Social Media.
The business tycoon renamed the company Ferinel and worked there until 1984. During his final year in the organization, the engineer discovered that the French government was trying to save a textile conglomerate Boussac Saint-Freres that went bankrupt.
Moreover, the retail corporation housed several businesses, including Christian Dior, Le Bon Marche, Peaudouce, etc. Arnault had always wanted to own Dior, so he partnered with Lazard Freres' managing partner, Antoine Bernheim, and took over Financiere Agache, a holding company.
Bernard invested $15 million of his family's money, raised $80 million with Antoine, and won the bidding war for Boussac Saint-Freres. After that, he sold most of the company's assets and fired 9000 workers within two years.
The former real estate developer only kept Dior and Le Bon Marche and focused on their development. As a result, the company's revenue stream was $1.9 billion by 1987 and booked earnings of $112 million.
Acquisition Of Louis Vuitton
After these successful business operations, Bernard Arnault mastered the pros and cons of investing in the companies. In 1987, Moet Hennessy and Louis Vuitton merged to form LVMH. It's then-chairman Henry Racamier invited Arnault to invest in the company. The latter spent more than $1 billion and became the largest shareholder.
However, Arnault and Racamier shared different visions regarding brand development which caused a strain in their relationship. The businessman invested an additional $500 million in the aftermath and gained LVMH's 43.5% shares and 35% voting rights. He then counterattacked by outcasting Racamier from the board of directors. Additionally, Bernard became LVMH's chairman on January 13, 1989.
Bernard Arnault upset lots of people with his cut-throat business skills after becoming the CEO of LVMH. Photo Source: Social Media.
The newly appointed CEO brought a lot of changes to the company. He laid off old employees and recruited new ones. Furthermore, the investor focused on making deals with the best brands and not less than that. As a result, he acquired Celine, Berluti, Kenzo, Les Echos, Guerlain, etc.
Furthermore, the French centibillionaire sponsored Christian Lacroix, a French designer, to advertise LVMH's luxury clothing line. LVMH also owned the designer's company under the same name till 2005.
At present, Moet Hennessy- Louis Vuitton features seventy-five brands, each specializing in making top-notch products. Bulgari, Tiffany & Co., Fendi, TAG Heuer, Moet & Chandon, Givenchy, etc., are some of the brands under the company.
Bernard Arnault Net Worth And Earnings
The businessperson raised himself to the top of the business ladder with his smart decisions and exceptional marketing skills. He owns a 47% stake in LVMH, whose market capitalization amounts to $400 billion. As such, Bernard Arnault's net worth mainly comprises his earnings from the company's sales. Besides that, it also includes his shares from his other investments such as Carrefour, Netflix, Royal van Lent, Zebank, etc.
As a successful entrepreneur with multiple ownerships, it is evident that Bernard Arnault ranks in the list of wealthiest businesspeople. He dethroned Amazon's former CEO Jeff Bezos to become the World's Richest Man on May 24, 2021. His assets were estimated to be $186.2 billion at that time. However, it was only for a short period, as Bezos reclaimed his position in June.
Bernard Arnault currently holds the spot of the World's Richest Person. Photo Source: Social Media.
Charitable Works
Alongside earning abundant wealth, Bernard Arnault hasn't hesitated to give back to society. He developed a philanthropy program at the LVMH in the early 1990s. Moreover, the policy supports arts and culture, medical, scientific, and humanitarian causes. It also contributes funding for numerous health and research institutions.
The industrialist's company donated $11 million to help fight Amazon wildfires in 2019. He also provided $237,471,800 (€200 million) to restore Notre Dame in 2019. Unfortunately, it received severe damages after catching fire during its renovation. Furthermore, the charitable works of Bernard aren't limited up to the French border but have expanded worldwide.
Bernard Arnault Real Estate And Assets
As the world's richest man alive, the magnate is undoubtedly living a luxurious life. He paid $32,500,000, in cash, for his first house in Trousdale Estates in September 2016. Moreover, Bernard bought two estates in 2017 for $16,950,000 and $14,500,000 in the same area. Additionally, he has acquired five residential properties in and around Beverly Hills.
The businessman bought another home in the community for $30 million in October 2018. He also owns 18th Century mansion on Paris's Left Bank, a historical French district. In addition, Arnault owns a superyacht named Symphony, which is worth $150 million. His assets also comprise his islands in the Bahamas worth $35 million and Nyn Park in London.
Furthermore, the wealthy businessperson's Virginia estate is up for sale for $75,000,000 in the market. Looking at the millions of dollars he has invested in properties in France, the US, and other parts of the world, there is no doubt that Bernard Arnaul prefers a lavish lifestyle.
Bernard Arnault Has Married Twice
As a public figure, many people are curious about the business mogul's private affairs. He was initially married to Anne Dewavrin in 1973. Moreover, the latter supported her husband during the early stages of his career. She also keeps a low profile and stays away from the media.
The pair shares two children. Bernard Arnault's daughter Delphine Arnault is a graduate of EDHEC Business School and currently the executive vice president of Louis Vuitton. Delphine reportedly has a baby girl with her partner Xavier Niel, a French businessman.
Bernard Arnault's eldest daughter, Delphine Arnault, is supposed to succeed him in the future. Photo Source: Social Media.
Likewise, Bernard Arnault's son, Antoine Arnault, has also followed his father's footsteps in the business world. He is the CEO of Berluti, an Italian leather manufacturer. Moreover, Antoine is married to Russian supermodel Natalia Vodianova and has five kids together.
After seventeen years of marital bliss, the couple divorced in 1990. Although there is no information regarding alimony, Bernard Arnault's ex-wife, Anne, must have received a considerable amount of child support from LVMH's chairman.
Moving On With A New Partner
After the separation from his first wife, the world's richest man met Helene Mercier in October 1990. She is a Canadian concert pianist who has performed with Charles Dutoit, Trevor Pinnock, Renaud Capucon, etc. Moreover, the duo developed an instant connection due to their love for the piano. As a result, they married in September 1991.
Bernard Arnault's wife, Helene Mercier, is not much interested in business. Instead, she mainly spends her days performing at concerts with famous artists.
Bernard Arnault has been successful in his second marriage with his wife, Helene Mercier. Photo Source: Social Media.
The pair has three sons together. Bernard Arnault's son, Alexandre Arnault, is the executive vice-president of Tiffany & Co. Likewise, Arnault's second child, Frederic Arnault, is the CEO of TAG Heuer. However, his youngest boy, Jean Arnault, isn't involved with any of LVMH's brands.
The French magnate is currently living a comfortable life with his family. Moreover, he is still a vigorous and strong-willed person in the business world. Moreover, even though the media labels him as a cutthroat businessman, Bernard Arnault has succeeded in becoming one of the leading personalities in the industry.
Trivia And Facts
- Bernard Arnault is honored with Knight Commander of the Most Excellent Order of the British Empire.
- He is an art lover and has an artworks collection of Pablo Picasso, Yves Klein, Henry Moore, Andy Warhol, etc.
- He can play the piano fluently and wooed his wife, Helene Mercier, performing Frederic Chopin's composition.
