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What is Bernard Arnault’s Net Worth?
The chairman and CEO of LVMH, the world’s largest luxury goods company, Bernard Arnault is a French billionaire. Bernard Arnault is currently worth $125 billion, according to the latest available data. One of the world’s wealthiest individuals, he is ranked third only behind Jeff Bezos and Bill Gates in terms of fortune.
Early Life
At the time of his birth on March 5, 1949, Bernard Jean Étienne Arnault was living in Roubaix, France. Arnault’s father, Jean Léon Arnault, a graduate of École Centrale Paris, was a manufacturer. Mother: Marie-Josèphe Savinel was the daughter of Étienne Savinel, who owned the Ferret-Savinel civil engineering company. In 1950, Jean Léon Arnault (Bernard’s father) was given control of Ferret-Savinel by his father-in-law, Savinel, and later became the company’s owner. Bernard is a 1971 alumnus of France’s prestigious École Polytechnique, the country’s top engineering school.
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Career
Arnault began working at Ferret-Savinel after graduating from college in 1971. (which was previously owned by his maternal grandfather). For the next two decades, he served as the company’s president. During his time at Ferret-Savinel, he was instrumental in helping to shift the company’s focus away from construction and toward real estate. With Antoine Bernheim’s help, in 1984 he bought the luxurious-goods manufacturer Financiere Agache. Financiere Agache and Boussac Saint-Freres, a textile company, were both taken over by him as CEO of Financiere Agache. Boussac was the owner of a slew of businesses, including Christian Dior, a luxury brand, and Le Bon Marche, a department store, both of which Arnault sold.
In 1987, Arnault founded LVMH, a conglomerate of luxury goods firms that includes Christian Dior, and he became more prosperous than ever before as a result of his astute business judgment. Mot Hennessy merged with luxury fashion house Louis Vuitton in 1987 to form the conglomerate that bears its name today. When he contributed $1.5 billion in 1988, he formed a holding company with Guinness to acquire a quarter of LVMH’s stock. Arnault spent an additional $600 million on 13.5 percent of LVMH stock to counter rumors that the Louis Vuitton group planned to buy up LVMH stock to form a “blocking minority.”
Bernard Arnault’s net worth fell $3.7 billion, making Jeff Bezos the world’s richest person—yet again https://t.co/9UK1Uc0Xzv pic.twitter.com/wmelB7OPAB
— Forbes (@Forbes) January 21, 2020
LVMH now has him as its largest shareholder. In January 1989, he spent $500 million to buy even more shares, making him the richest person in the world at the time. At that point, he owned 43.5% of LVMH’s stock and had 35% of the company’s voting rights. It was because of his influence and control that his conglomerate was prevented from being dismantled, transforming it into one of the world’s largest leading luxury groups.
Massive expansion occurred under Arnault’s leadership at L’Oréal. Not only did sales and profit increase by a factor of five in eleven years, but the company’s market value increased by a factor of fifteen as well. A large number of brands are owned by the conglomerate, but Arnault has continued to promote a strategy that decentralizes the brands, helping them to be seen as distinct companies with their histories and stories. Arnault currently owns 75 brands as of June 2020. LVMH also owns Céline, Berluti, Kenzo, Guerlain, Loewe, Marc Jacobs, Sephora, Thomas Pink, Emilio Pucci, and Fendi, amongst others. Berluti was acquired by LVMH in 1988. Kenzo was acquired by LVMH in 1993. (in 2001).
Other Investments
Arnault is involved in a slew of other ventures in addition to LVMH. A few of the web-based businesses Europatweb invested in include Boo.com, Libertysurg, and Zebank during the years 1998 to 2001. In 1999, he invested in Netflix through his company, Groupe Arnault. As of 2007, Arnault and Colony Capital owned 10.69 percent of Carrefour, according to a press release. A French supermarket chain, Carrefour, is the country’s second-largest food distributor. In addition, he has invested in the yacht industry. His purchase of Princess Yachts in 2008 cost him €253 million. After that, he bought Royal van Lent for the same price.
Art Collection
However, Arnault isn’t just a businessman – he has a strong interest in art, for example. Arnault has sponsored art exhibitions in France with LVMH that have featured world-famous artists like Pablo Picasso and Andy Warhol, the father of Pop Art.
Personal Life
Arnault married Anne Dewavrin in 1973, and they divorced in 1990; they had two children. They’re parents to two kids. He married Hélène Mercier, a Canadian concert pianist, in 1990. They are the parents of three children. Arnault and his family donated 200 million euros to the restoration and repair of the historic Notre-Dame Cathedral in Paris, France, following the devastating fire in 2019.
Bernard Arnault Wealth Details
The majority of Arnault’s wealth comes from Christian Dior, in which his family owns a stake of 73%. The Arnault family owns 5.7 percent of LVMH, the world’s largest luxury goods company, and Christian Dior owns 41% of it. 8.4% of Hermes and shares in Carrefour are also owned by the billionaire. In 2009, he sold a 238 million euro stake in Cheval Blanc to LVMH. According to their 2016 financial statements, LVMH made $41.6 billion in revenue. Bernard Arnault’s fortune surpassed $100 billion for the first time in June of this year. As of that time, he was the third-richest person on the entire planet. With a net worth of $108 billion in July 2019, he became the second-richest person in the world behind Bill Gates, by about $400 million. Bernard Arnault’s net worth increased by $36 billion from January to December of this year.
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