François Pinault
François Pinault (born 21 August 1936) is a French billionaire entrepreneur, founder of luxury group Kering and investment holding Artémis Group. He began in the timber industry in the early 1960s. Listed on the Paris Stock Exchange in 1988, his company expanded into specialty retail chains and was renamed Pinault-Printemps-Redoute. In late 1999, the group shifted its focus to luxury and fashion. In 2003, he passed control to his eldest son, François-Henri Pinault, to pursue his passion for contemporary art.
Biography
François Pinault was born on 21 August 1936 in Les Champs-Géraux in northern Brittany, France. His father ran a timber business.[1] Pinault grew up in rural France and left school at 16. In 1956 he served in the army during the Algerian War. He returned to the family timber business and, after his father’s death, sold it. In 1962 he married Louise Gautier; they had three children: François-Henri, Dominique and Laurence Pinault. They divorced in 1967, and in 1970 he married antiques dealer Maryvonne Campbell, who introduced him to the art world.[1][2]
First venture
In 1963 Pinault founded a timber trading company.Template:Fix/category[citation needed] He restructured several failing businesses, including a paper mill. On 25 October 1988 his company was listed on the Paris Stock Exchange and began acquiring specialty retailers such as CFAO, Conforama, Printemps, La Redoute and Fnac. In 1993 it was renamed Pinault-Printemps-Redoute (PPR). In 1992 he created Artémis to manage family holdings, which include Château Latour, Clos de Tart, Château Grillet, the magazine Le Point, auction house Christie’s, luxury cruise line Ponant and Stade Rennais football club.[3]
Shift to luxury
In March 1999 PPR acquired a 42 percent stake in Gucci for $3 billion and Yves Saint Laurent. It later acquired Boucheron, Balenciaga and Alexander McQueen. In May 2003 he handed control to his son François-Henri, who continued expanding the luxury portfolio with Brioni, Girard‑Perregaux and Pomellato, and in 2013 renamed the group Kering.[3]
Net worth
As of January 2021, Forbes estimated Pinault’s net worth at $43.4 billion. In October 2022 Bloomberg ranked him the world’s 31st‑richest person with $33.5 billion. He owns the Hôtel de Cavoye in Paris, Château de la Mormaire in Yvelines and two Parisian mansions, Hôtel de Clermont‑Tonnerre and Hôtel Choiseul‑Praslin.[4]
References
- ↑ 1.0 1.1 Lunch with the FT: François Pinault, Financial Times, 8 April 2011.
- ↑ From timber merchant to corporate axeman, The Guardian, 3 April 1990.
- ↑ 3.0 3.1 Kering: A timeline behind the building of a luxury goods conglomerate, The Fashion Law, 21 January 2020.
- ↑ See Pinault’s $194 Million Bourse de Commerce, Paris’s New Arts Landmark, Bloomberg, 17 May 2021.