Today’s article will be going about Bernard Arnault lvmh story who created his name in the industry and became a very famous personality.
So, let’s start the Bernard Arnault lvmh story and get to know about him.
Bernard Arnault is a millionaire businessman and art collector from France. He is the Chairman and Chief Executive Officer (CEO) of LVMH Moet Hennessy-Louis Vuitton SE, the world’s largest luxury goods firm.
He is also the chairman of Christian Dior SE, a French luxury goods company. Both corporations are linked since Dior owns 42.36% of LVMH and has 59.01% of the voting rights. Arnault became the richest person in fashion in April 2018. In December 2019, he momentarily eclipsed Jeff Bezos to become the world’s richest person.
He briefly topped Bill Gates as the world’s richest person in January 2020. Bernard Arnault was the richest man in the world in 2022, with a net worth of $180.6 billion.
This was a brief introduction to Bernard Arnault.
Now let’s deep dive into the Bernard Arnault lvmh story.
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Personal Life of Bernard
Bernard was born in the French town of Roubaix. Jean Leon Arnault was his father, and he was a manufacturer. His mother, Marie-Joseph Savinel, was drawn to the Dior label. In 1973, he married Annie Dewavrin, with whom he had two daughters, Delphine and Antoine. Following his divorce, he married Helene Mercier, a Canadian concert pianist. They have three children and currently reside in Paris, France.
Education Background of Bernard
Bernard attended Roubaix’s Lycee Maxence Van Der Meersch. He eventually enrolled at Lille’s Lycee Faidherbe. In 1971, he graduated from France’s top technical institution, Ecole Polytechnique. So, this was the education part of the Bernard Arnault lvmh story.
Professional Life of Bernard
Bernard began his professional career after finishing his schooling. In 1973, he began working at his father’s company, Ferret Savinel. From 1978 to 1984, he was the company’s president. From 2010 until 2013, he was a member of the Malaysian 1MDB Fund’s Board of Advisers.
He bought out several brands, including Celine, Berluti, Kenzo, Guerlain, and Loewe. He also bought the French financial publications La Tribune and Les Echos.
He is also an excellent investor. He had made significant investments in firms such as Zebank, Boo.com, Libertysurf, Netflix, Colony Capital, Carrefour, Princess Yachts, and Royal van Lent. As a philanthropist, he and his family gave €200 million to rebuild Notre Dame Cathedral after a fire. In 2019, he and his son completed a €100 million contribution.
Bernard Career
This is the most important and famous part of the Bernard Arnault lvmh story.
Bernard, with the assistance of Lazard Freres, purchased a luxury products company in 1984. He afterwards took over as CEO of the purchased company, Financiere Agache. He gradually gained control of Boussac Saint-Freres, the textile company that owned Christian Dior, Le Bon Marche, Conforama, and Peaudoce. He sold all of the company’s assets, keeping just the Christian Dior name and the department store Le Bon Marche.
Bernard paid $1.5 billion to form a holding company with Guinness that owned 24% of LVMH. He paid another $600 million to acquire 13.5% more of LVMH, making him the company’s greatest stakeholder.
He gradually amassed 43.5% of LVMH’s stock and 35% of its voting rights. According to a filing with the French market authorities, the Arnault family controls 47.99% of LVMH and has 63.5% of the voting rights. On January 13, 1989, he was overwhelmingly elected chairman of LVMH. He has dramatically changed it into one of the world’s largest luxury conglomerates.
Under his leadership, the company’s sales and profit increased by a factor of 5 and 15 times the company’s market value, respectively.
In 2021, the company had over 175,000 employees from 179 countries and a revenue of $68.54 billion. It owns 75 prominent brands and operates a global retail network of over 5,500 outlets.
In the first nine months of 2022, LVMH’s sales were $60.33 billion, a 28% increase over the same time in 2021. According to Forbes, it will have $75.9 billion in revenue in 2022. Organic revenue increased by 20%.
Bernard Arnault’s Philanthropic Works
Bernard Arnault’s company, LMVH, is active in a variety of humanitarian activities. It provides funding to humanitarian, medical research, and scientific organizations such as Save the Children, the Paris Hospital Foundation, and the Princess Grace of Monaco Foundation.
Bernard Private Island
Richard Branson owns Necker Iceland, and Steve Ellison owns the 360-acre Bahamas Island, which magician David Cupperfield and actor Johnny Depp share. Bernard Arnault likely owns 133 acres of Indigo Island, which he owns 98 percent of Lana’I of Hawaii.
A serious collector with thousands of contemporary and modern pieces, including works by Damien Hirst, Andy Warhol, and Pablo Picasso. Bernard Arnault (photographed in front of a museum of Gerhard Richter oil paintings with former French President François Hollande and Frank Gehry) has become a serious work of art. In the early 1980s, he said Monet was his first acquisition.
Following the terrible fire that destroyed the 850-year-old church in April 2019, LMVH pledged $224 billion (€180.6 million) to the fund that will reconstruct Paris’ Notre Dame Cathedral. As a donation, LMVH requested “solidarity with this national tragedy.”
Conclusion: Bernard arnault lvmh story
LVMH, the world’s largest luxury goods conglomerate, is certainly a huge success. It features 70 brands ranging from Clicquot, Dom Pérignon, and Heuer to Bulgari – including Rihanna’s Fenty Beauty collection. Bernard Arnault claims that he has been heavily chastised for grouping so many companies together, but that every competition is now attempting to emulate the “extremely rewarding strategy” for us.
So, this was the Bernard arnault lvmh story and I hope you loved it and gathered a lot of information about Bernard Arnault.
Bernard Arnault: Awards & Achievements
- Honorary Knight Commander of the Most Excellent Order of the British Empire in 2012
- Museum of Modern Art’s David Rockefeller Award in 2014
- Commandeur de la Legion d’Honneur in 2007
- Grand Officer de la Legion d’Honneur in 2011