Richest Man in The World: The richest man in France right now and one of the richest people in the world is Bernard Arnault, a French business tycoon and investor. He has been the chairman, chief executive officer, and a significant shareholder of the LVMH Mot Hennessy Louis Vuitton Company since 1989.
Richest Man in The World
Bernard Arnault was blessed with keen business sense from an early age because he was the son of a businessman. He entered the elite Ecole Polytechnique after finishing high school, where he earned an engineering degree.
After earning his degree, the young man joined his father’s civil engineering company as an engineer and began making plans for the growth and expansion of the business. He urged his father to shift the focus of their company to the burgeoning real estate industry, and he achieved great success there. He then began purchasing more businesses and eventually ended up owning the famed Christian Dior label as well as the Le Bon Marché department store. Arnault made a large investment in the new company’s shares after two businesses merged to become LVMH, becoming that entity’s first shareholder. Finally chosen as chairman of the executive management board, he oversaw a significant expansion strategy that made the business one of the biggest luxury groups in the world.
Bernard Arnault: Overview
|Date of birth||March 5 ,1949 AD|
|Net worth||186.4 billion USD (2022)|
|Founder/Co Founder||LVMH Moet Hennessy|
|Spouse/Ex||Helene Mercier (M. 1991), Anne Dewavrin (M. 1973–1990)|
|Education||École Polytechnique, BA|
|Children||Jean Arnault,Alexandre Arnault, Frederic Arnault,Antoine Arnault, Delphine Arnault,|
Arnault received his education at the Lycée Faidherbe in Lille as well as the Lycée Maxence Van Der Meersch in Roubaix. In 1971, he graduated from the École Polytechnique, France’s top engineering institution, and he immediately began working for his father’s company. Three years later, after persuading his father to concentrate the company’s efforts on real estate, Ferret-Savinel closed its industrial construction section and changed its name to Ferinel. Following the purchase of a textile company and the relocation of its headquarters, the company changed the name of the real estate section to the George V Group. Later, Compagnie Générale des Eaux (CGE), which later changed its name to Nexity, purchased the real estate holdings.
Arnault managed an aggressive expansion strategy after being named CEO, which assisted the company in becoming one of the largest luxury conglomerates in the world, along with Swiss luxury behemoth Richemont and French multinational Kering. In just eleven years, LVMH’s annual revenues and profits climbed by a factor of and its market value by a factor of 15. Arnault acquired Céline in July 1988. In the same year, he helped French fashion designer Christian Lacroix in order to promote the company’s high-end clothing line. LVMH bought Berluti and Kenzo in 1993, the same year Arnault bought the French business publication La Tribune.
Despite his 150 million euro investment, La Tribune never attained the intended success, therefore he sold it in November 2007 in order to purchase a different French economic newspaper, Les Échos, for €240 million. LVMH bought the perfume company Guerlain in 1994. Arnault acquired Loewe in 1996, then Marc Jacobs and Sephora in 1997. Fendi, DKNY, La Samaritaine, and Thomas Pink were added to the company in 2001, along with Emilio Pucci and Emilio in 2000. Arnault made the decision to establish a center in New York in the 1990s to oversee LVMH’s operations there. He selected Christian de Portzamparc to be the project manager. The LVMH Tower, which debuted in December 1999, was the outcome.
In the same year, Tom Ford and Domenico De Sole’s Italian leather goods company, Gucci, caught Arnault’s attention. Before being discovered, he quietly amassed a 5% share in the business. Gucci retaliated angrily and referred to it as a “creeping invasion.” Arnault increased his position to 34.4 percent after becoming aware of the situation while claiming he only wanted to remain a passive and supporting shareholder.
De Sole suggested that Arnault refrains from extending his ownership of Gucci in exchange for board representation. Arnault, however, resisted agreeing to these conditions. De Sole found a gap in the law that permitted him to issue shares with just board approval, and for every share LVMH purchased, he issued more for his staff, reducing Arnault’s ownership interest.The conflict continued until a resolution in September 2001. Following the court decision, LVMH sold its shares and made a $700 million profit.
Bernard Arnault Other investment
In 1998, he acquired Château Cheval Blanc with businessman Albert Frère for personal use. Arnault’s portion was purchased by LVMH in 2009 to complement the company’s other winery, Château d’Yquem.
Between 1998 and 2001, Arnault invested in a number of web-based companies through his holding firm Europatweb, including Boo.com, Libertysurf, and Zebank. Groupe Arnault acquired a piece of Netflix in 1999 as well.
According to a 2007 analysis by Blue Capital, Arnault and the California-based real estate firm Colony Capital jointly owned 10.69% of Carrefour, the second-largest food distributor in the world and the largest grocery chain in France. In 2008, he began working in the yacht market and purchased Princess Yachts for 253 million euros. He then paid roughly equal money to buy Royal van Lent.
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