Bernard Arnault: Chairman & CEO of LVMH
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Bernard Arnault is a French billionaire businessman and an art collector. He is the Chairman and Chief Executive Officer (CEO) of the world's largest luxury-goods company, LVMH Moet Hennessy- Louis Vuitton SE. He also serves as the Chairman of the French luxury goods company, Christian Dior SE. Both companies are interconnected as Dior itself holds 42.36% shares of and 59.01% voting rights within LVMH.
Arnault became the richest person in fashion in April 2018. He briefly surpassed Jeff Bezos to become the world's richest person in December 2019. He again became the world's richest person for a short period in January 2020. With a net worth of $180.6 billion, Bernard Arnault is the richest man in the world in 2022.
Bernard Arnault - Biography
| Name | Bernard Jean Etienne Arnault |
|---|---|
| Born | 5 March 1949 |
| Birthplace | Roubaix, France |
| Age | 73 |
| Nationality | French |
| Education | Ecole Polytechnique, Palaiseau |
| Profession | Businessman; Media proprietor; Art Collector |
| Position | Chairman & CEO at LVMH; Chairman of Christian Dior SE |
| Net worth | $180.6 billion (Forbes 2022) |
| Father | Jean Leon Arnault |
| Mother | Marie-Josephe Savinel |
| Spouse | Anne Dewavrin (1973-1990); Helene Mercier (since 1991) |
| Children | 5 |
Bernard Arnault - Personal Life
Bernard Arnault - Education
Bernard Arnault - Professional Life
Bernard Arnault - Chairman of Christian Dior
Bernard Arnault - Chairman & CEO of LVMH
Bernard Arnault - Art Collector
Bernard Arnault - Honors & Awards
Ashwini
Bernard Arnault - Personal Life
Bernard was born in Roubaix, France. His father, Jean Leon Arnault was a manufacturer. His mother, Marie-Joseph Savinel was intrigued by the Dior brand. He married Annie Dewavrin in 1973 and they had two children, Delphine and Antoine. After getting divorced, he married Helene Mercier who was a Canadian concert pianist. They had three children and the family currently lives in Paris, France.
Bernard Arnault - Education
Bernard studied at Lycee Maxence Van Der Meersch in Roubaix. He was later enrolled in Lycee Faidherbe in Lille. He completed his graduation from the leading school of France Ecole Polytechnique in 1971.
Bernard Arnault - Professional Life
Bernard started his professional career after completing his studies. In 1973, he joined his father's company, Ferret Savinel. He served as the President of the company from 1978-1984. He was a member of the Board of Advisors of the Malaysian 1MDB fund from 2010 to 2013.
He acquired many companies including, Celine, Berluti, Kenzo, Guerlain, and Loewe. He also purchased the French economic newspapers, La Tribune, and Les Echos.
He is a brilliant Investor as well. He had invested in major companies like Zebank, Boo.com, Libertysurf, Netflix, Colony Capital, Carrefour, Princess Yachts, and Royal van Lent. As a Philanthropist, he and his family pledged to donate €200 million for the reconstruction of Notre Dame cathedral after a fire. In 2019, he and his son finalized a donation of €100 million.
Ashwini
Bernard Arnault - Chairman of Christian Dior
Bernard acquired a luxury goods company in 1984 with the help of Lazard Freres. He then became the CEO of the acquired company, Financiere Agache.
Gradually, he took control of the textile company, Boussac Saint-Freres, which owned Christian Dior, Le Bon Marche, Conforama, and Peaudoce. He sold all the company's assets and kept only the Christian Dior brand and Le Bon Marche department store.
In 2022, the Dior brand was valued approximately at $8.9 billion whereas, the brand's valuation was roughly $4.6 billion in 2017.
Bernard Arnault - Chairman & CEO of LVMH
| Company Name | Moët Hennessy Louis Vuitton (LVMH Group) |
|---|---|
| Founders | Bernard Arnault, Alain Chevalier, and Henry Racamier |
| Founded in | June 3, 1987 |
| Headquarters | Paris, France |
| Industry | Luxury goods |
| Valuation | $371.47 Bn (2022) |
Bernard spent $1.5 billion to establish a holding company with Guinness that had 24% of LVMH's share. He again provided $600 million to acquire 13.5% more of LVMH and became the largest shareholder of LVMH. Gradually, he acquired 43.5% of LVMH's shares and 35% of its voting rights. A filing with the French market authority showed the Arnault family owns 47.99% of LVMH and has 63.5% of voting rights in the company.
He was unanimously elected chairman of LVMH on 13 January 1989. He has significantly transformed it into one of the largest luxury groups in the world. Under his leadership, the company's sales and profit grew by a factor of 5 and 15 times the market value of LVMH.
In 2021, the company had over 175,000 employees from 179 nations and generated $68.54 billion in revenues. It controls 75 prestigious brands and has a retail network of over 5,500 stores worldwide.
LVMH's revenue was $60.33 billion in the first nine months of 2022, 28% more compared to the same period in 2021. As per Forbes, it had $75.9 billion in revenue in 2022. The organic revenue growth was 20%.
Bernard Arnault - Art Collector
Bernard was a young fashion designer and he used to collect art pieces. His collection includes Picasso, Yves Klien, Henry Moore, and Andy Warhol. His art-collecting habit made LVMH a major patron of art in France. He created an international competition, open to students from fine arts schools. Every year, the winner is bestowed with a grant to support the creation of the designer's label with a year of mentorship.
He owned an auction house, Philips de Pury & Company from 1998 to 2003. Along with that, he bought the first French auctioneer, Tajan. In 2006, he introduced a project dedicated to the creation and contemporary art. The project was named Louis Vuitton Foundation and its building was inaugurated on 20 October 2014.
Megha Rani
Bernard Arnault - Honors & Awards
- On 10 February 2007, he received Commandeur de la Legion d'Honneur
- On 14 July 2011, he was conferred with the Grand Officer de la Legion d'Honneur
- In 2011, he received the Woodrow Wilson Award for Global Corporate Citizenship
- In 2012, he was awarded the Honorary Knight Commander of the Most Excellent Order of the British Empire
- In March 2014, he received the Museum of Modern Art's David Rockefeller Award
FAQs
Who is Bernard Arnault?
Bernard Arnault is a French billionaire businessman and an art collector. He is the Chairman and Chief Executive Officer (CEO) of the world's largest luxury-goods company, LVMH Moet Hennessy- Louis Vuitton SE.
What does LVMH stand for?
LVMH stands for Moët Hennessy Louis Vuitton.
Who is the richest French person?
Bernard Arnault is the richest French person and also the richest person in the world with a net worth of $180.6 Bn.
Does Bernard Arnault own Louis Vuitton?
Bernard Arnault has about half of LVMH's shares and the majority of its voting rights. He has been Chairman and CEO of the company since 1989.
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