Bernard Arnault is a French businessman with a net worth of $208.8 Billion. He is the chief executive officer of a fashion company named Louis Vuitton conglomerate. His full name is Bernard Jean Etienne Arnault. Arnault has been a chief executive officer since 1989 in LVMH, which is almost 33 years old. He is the major stakeholder in LVMH. The shares make him the richest person in France and the second richest person in the world.
According to the Forbes real-time billionaires list, Bernard Arnault is the second wealthiest person in the world.
| Net Worth: | $208.8 Billion |
| Born: | March 5, 1949 |
| Age: | 73 |
| Birthplace | France |
| Nationality | French |
| Source of Wealth: | Entrepreneur |
| Last Updated: | August 2023 |
Early Life
Bernard Arnault was born in Roubaix, a city in northern France, on March 5, 1949. His father, Jean Leon, was a businessman. He was a civil engineer and owned a civil engineering company. His mother, Marie-Josephe Savinel, had a fascination for Dior. Bernard Arnault had a sister, Dominique Watine-Arnault, born in Frane in 1951 and died on March 1, 2006. She was the president of the Fred jewelry house.
Bernard Arnault got his early education from Maxence Van Der Meersch High School in Roubaix, France. After his early education, he got his degree from the elite University of France École Polytechnique. There, he got a degree in engineering in 1971.
Career
After finishing his engineering studies, Bernard Arnault joined his dad’s construction company, Ferret-Savinel. He became the president there from 1978 to 1984. During this time, Arnault had smart ideas to improve the company and earn more money. He convinced his dad to invest in things like real estate, which means buying and selling properties.
1981, they moved to America because of some problems with the French government. There, they kept making money through real estate.
In 1983, Bernard returned to France and discovered that a big company called Boussac Saint-Freres was in financial trouble. This company was owned by a famous brand, Christian Dior. He got help from his friend Antoine Bernheim, who worked at an investment company called Lazard Freres. They bought Boussac Saint-Freres.
After acquiring the company, Bernard only kept Christian Dior and a store called Le Bon Marche. He sold everything else. He worked hard to make Christian Dior better, and by 1985, he was the boss of Christian Dior.
In 1987, Bernard was invited to invest in LVMH, leading him to decide on a joint venture with Guinness. By 1988, Arnault provided Guinness with $1.5 billion, resulting in a company holding 24% of LVMH shares. He invested an additional $600 million to acquire 13.5% more LVMH shares.
Progressing into 1989, after spending $500 million to purchase more shares, he gained control over 43.5% of LVMH shares and 35% of voting rights, positioning him as the largest shareholder. He initiated substantial changes within LVMH by replacing average employees with exceptional talent. On January 13, 1989, he assumed the role of chairman of the executive management board.
He acquired companies like Marc Jacobs and Guerlain to expand his business further.
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Life Events
Some of the main life events in Bernard Arnault’s life are:
- Joined Ferinel in 1971
- Became president of Ferinel in 1978
- Invested $15 million in the purchase of Boussac Saint-Frères
- Became CEO of Dior in 1985
- Invested $1.5 billion in LVMH to buy 23% of shares in 1988
- Spend $600 million more to buy 13.5% shares of LVMH
- Spend $500 million more and held 43.5% of shared in LVMH and 35% voting rights in 1989
Personal Life
Bernard Arnault’s personal life reflects his dedication to both family and business. He married Anne Dewanvrin in 1973 and had two children, Delphine and Antonie. After their separation in 1990, he married Canadian concert pianist Helene Mercier. With Helene, he welcomed three more children: Alexandre, Frederic, and Jean. Today, his children are actively involved in the family business, LVMH, ensuring a lasting legacy that spans generations.
Conclusion
Bernard Arnault’s remarkable journey from real estate to heading LVMH reflects his unparalleled vision and business acumen. His strategic investments, transformative decisions, and dedication to excellence have propelled him to become one of the richest individuals globally. Moreover, Arnault’s role as a family man, with his children actively involved in the family business, underscores his commitment to business success and familial bonds. His enduring legacy as a pioneer and a family-oriented leader solidifies his impact on the business world and beyond.
FAQs
How did Bernard Arnault get rich?
Bernard Arnault got rich by acquiring and revitalizing luxury brands through his leadership at LVMH, which propelled him to become one of the world’s wealthiest individuals.
What companies does Bernard Arnault own?
Bernard Arnault owns LVMH (Moët Hennessy Louis Vuitton), a conglomerate that includes various luxury brands such as Louis Vuitton, Dior, Fendi, and Givenchy, among others.
Is Elon Musk richer than Bernard Arnault?
Yes, as of August 2023, Elon Musk ($244.2 Billion) is richer than Bernard Arnault.
Who owns Louis Vuitton now?
Louis Vuitton is owned by LVMH, a conglomerate led by its Chairman and CEO, Bernard Arnault.
What is Bernard Arnault’s age?
As of August 2023, Bernard Arnault is 74 years old.
What is Bernard Arnault’s net worth in 2023?
As of August 2023, Bernard Arnault’s net worth is $208.8 Billion.
What is the name of Bernard Arnault’s daughter?
The name of Bernard Arnault’s daughter is Delphine Arnault.
What is Bernard Arnault’s net worth in rupees?
As of August 2023, Bernard Arnault’s net worth in rupees is 19,600 crores (INR)
What is Bernard Arnault’s family net worth?
Bernard Arnault and his family holds a 47.5 percent stake in Louis Vuitton Moët Hennessy, a luxury conglomerate that currently possesses more than 70 brands.
How many kids does Bernard Arnault Have?
Bernard Arnault has five children: Delphine, Alexandre, Antoine, Jean, and Frederic.