Bernard Arnault Wiki, Biography, Age, Height, Weight, Wife, Girlfriend, Family, Net Worth, Current Affairs

Bernard Arnault Wiki: Bernard Arnault is a French businessman, investor, and art collector. He is the chairman and chief executive officer of LVMH Mot Hennessy – Louis Vuitton SE, the largest luxury goods company in the world. As of January 31, 2022, Arnault is Europe’s wealthiest person and the third richest man in the world, according to Forbes.

Due to the scope of the company’s acquisitions and continued success, Bernard Arnault, the leader of luxury’s largest conglomerate, has left a lasting impression on the fashion industry. Arnault is in charge of a number of other investing and holding companies in addition to LVMH.

Bernard Arnault Wiki

Bernard Jean Étienne Arnault, more commonly referred to as Bernard Arnault, is a French investor, business magnate, and art collector. He is co-founder, chairman, and chief executive officer of LVMH Mot Hennessy – Louis Vuitton SE, the world’s largest luxury goods company. According to Forbes, Arnault and his family have an estimated net worth of US$186.5 billion as of December 2022. This makes him the richest person in Europe and the second richest person in the world. On March 5, 1949, Bernard Jean Étienne Arnault was born in Roubaix. Marie-Josèphe Savinel, his mother and Étienne Savinel’s daughter, had a “fascination for Dior.” Ferret-Savinel was owned by his industrialist father, Jean Léon Arnault, who graduated from the École Centrale Paris.

Andy Warhol, Henry Moore, Pablo Picasso, and Yves Klein are among the artists in Arnault’s collection. He also helped establish LVMH as a major French art patron. The LVMH Young Fashion Designer competition is open to students from fine arts schools worldwide. The winner is given a scholarship and a year of mentoring each year to help them build their own brand.

He owned the art auction house Phillips de Pury & Company from 1999 to 2003 and acquired Tajan, the first auctioneer in France. Arnault started the construction project for the Louis Vuitton Foundation in 2006. The building was created by architect Frank Gehry and is dedicated to creation and contemporary art. On October 20, 2014, the Foundation was officially established at the Jardin d’Acclimatation in Paris.

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Professional Beginning

Bernard Arnault took over Ferret-Savinel, his father’s construction company, in 1971 after graduating from École Polytechnique. Eight years later, he changed the company’s name to Férinel Inc. and focused on property investment. He spent many years developing real estate. Compagnie Generale des Eaux, which later became Nexity, eventually purchased the property investment holdings. Arnault and Antoine Bernheim, managing partner of the French company Lazard Frères & Co., provided financing for the purchase of Boussac Saint Freres, a struggling textile company that owned the Christian Dior design label, along with $15 million of his own money.

Acquisition of LVMH

In 1987, Henri Racamier, the chairman of LVMH, asked Arnault to invest in the company. In 1988, Arnault invested $1.5 billion to acquire a 24% stake in LVMH. Givenchy, Kenzo, and Christian Lacroix, the luxury retail companies Céline, Berluti, and Loewe, the jeweler Fred Joailler, the world’s largest duty-free chain DFS group, and the beauty retail chain Sephora were all eventually brought into the LVMH fold after Arnault overthrew Racamier in 1990.

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LVMH Profitability & Success

During Bernard Arnault’s tenure as CEO, LVMH reached a milestone of more than 313 billion euros, or 382 billion dollars, in May 2021, making it the largest business by market valuation in the countries of the Eurozone. Arnault has advocated for the decentralization of the group’s businesses as part of strategic planning. Tiffany and other LVMH brands are always viewed as independent businesses with their own histories as a result of these steps.
With a total wealth of 187.3 billion US Doller, Arnault briefly overtook Jeff Bezos as the richest person in the world on May 24, 2021. However, hours later, Amazon shares rose, and Jeff Bezos regained his position at the top.

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