Bernard Arnault
Bernard Jean Étienne Arnault (born March 5, 1949 in Roubaix, France), known as Bernard Arnault, is a French magnate, co-founder, Chairman, and Chief Executive Officer of LVMH, the world’s largest luxury goods conglomerate. Arnault’s net worth was estimated at US$191 billion in July 2024 by Forbes, making him the third‑richest person in the world.[1]
Biography
Early life and education
Arnault was born on March 5, 1949, in Roubaix, France. His father, Jean Léon Arnault, owned a civil engineering company, Ferret-Savinel. After secondary school at Maxence Van der Meersch High School in Roubaix and preparatory classes at the Faidherbe Institute in Lille, he entered École Polytechnique in 1969.
Férinel
In 1971, Arnault joined the family firm and convinced his father to sell its construction division for forty million francs, refocusing on property development as Férinel, specializing in seaside holiday apartments. He became Director of Construction in 1974, Managing Director in 1977, and succeeded his father as head of the company in 1978. After François Mitterrand’s 1981 election, Arnault moved to the United States and founded Férinel Inc.[2]
Christian Dior
In 1984, Arnault invested ninety million francs to acquire Financière Agache, backed by Lazard and Antoine Bernheim, gaining control of the Boussac group, owner of Christian Dior (excluding perfumery), Le Bon Marché, Conforama, and Peaudouce. After restructuring and divesting Boussac’s textile operations, he became CEO of Christian Dior in 1985. In 1989, he reunited its couture and perfume divisions under the Christian Dior holding company.
LVMH
Following the 1987 market crash, Arnault purchased shares of LVMH. By July 1988, he was the largest shareholder and, on January 6 1989, became majority owner with Lazard and Crédit Lyonnais’s support. He was unanimously elected Chairman on January 13 1989, after orchestrating a takeover and ousting co‑chair Alain Chevalier. Under Arnault’s leadership, LVMH’s value multiplied fifteen‑fold over eleven years, with revenue and profits up 500%, driven by a decentralized brand structure and strategic acquisitions.[3]
Arnault expanded LVMH through acquisitions: Céline (1988); Berluti and Kenzo (1993); Marc Jacobs and Sephora (1997); Thomas Pink (1999); Emilio Pucci (2000); Fendi, DKNY, and La Samaritaine (2001). In the late 1990s, he acquired auction houses Phillips and Tajan, and Château d’Yquem (38% in 1996, 64% in 1998). He invested in the internet via Europatweb, exiting in 2001.
In New York, he consolidated LVMH’s U.S. operations in a skyscraper designed by Christian de Portzamparc, inaugurated December 8 1999.[4]
Arnault became France’s richest person in 2005. Forbes ranked him tenth globally in 2006 with US$30 billion. His fortune rose to US$80 billion in 2018 and US$100 billion in 2019, making him France’s wealthiest and the world’s third-richest. In 2021, Forbes named him the world’s richest person with US$192 billion, surpassing Elon Musk.
Philanthropy
An art collector, Arnault established cultural initiatives for LVMH, supporting exhibitions like “The World of Andy Warhol,” “Picasso and the Masters,” and “The Studio of Alberto Giacometti,” as well as shows at the Grand Palais and Centre Pompidou. The Fondation Louis Vuitton, designed by Frank Gehry, opened in 2013.[5]
He sponsors the LVMH Young Talent Award and loans Stradivarius violins to emerging musicians. In 2014, he received the David Rockefeller Award from MoMA.[6]
Personal life
Arnault has been married twice. With his first wife, Anne Dewavrin, he has Delphine (LVMH board member since 2004) and Antoine (communications director at Louis Vuitton; later CEO of Berluti). With his second wife, pianist Hélène Mercier-Arnault, he has three children: Alexandre, Frederic, and Jean.
Honors
Commander of the Legion of Honour since February 10 2007; promoted Grand Officer on July 14 2011.[7]
References
- ↑ Real Time Billionaires. Forbes. Accessed July 8 2024.
- ↑ The Luxurious Empire of Bernard Arnault. Business News Network. April 2010.
- ↑ L’accès à la puissance économique de Bernard Arnault (1974–1989). Gérer et Comprendre, June 2004, no. 76, p. 67.
- ↑ Designing The Nouveau Building On the Block. The New York Times. December 15 1999.
- ↑ La Fondation Louis Vuitton halted during construction. Le Parisien. January 22 2011.
- ↑ Bernard Arnault to receive Rockefeller Award. El Diario. February 25 2014.
- ↑ Bernard Arnault promoted to Grand Officer. Zone Bourse. July 15 2011.