How much is Bernard Arnault Worth?
Bernard Arnault Net Worth:
$155 Billion
Bernard Arnault NetWorth and Salary: BernardArnault is a French billionaire who has a net worth of $155 billion dollars. His net worth makes him one of the richest people in the world behind people like Jeff Bezos and Bill Gates. He is the chairperson and chief executive of the world's largest luxury goods company, LVMH.
Early Life: Bernard Jean Étienne Arnault was born on March 5,
1949, in Roubaix, France. His father, Jean Léon Arnault, was a manufacturer and
a graduate of École Centrale Paris. His mother, Marie-Josèphe Savinel, was the
daughter of Étienne Savinel, who owned the civil engineering company
Ferret-Savinel. In 1950, Savinel passed on the management of Ferret-Savinel to
his son-in-law Jean Léon Arnault (Bernard's father), and later gave him
ownership of the company as well. Bernard graduated from France's top
engineering school, the École Polytechnique, in 1971.
Career: Following his graduation in 1971, Arnault began
working at his father's company, Ferret-Savinel (which was previously owned by
his maternal grandfather). He became the company's president in 1978, and
continued in that position until 1984. While with Ferret-Savinel, he helped
steer the company away from construction and increasingly focused on real
estate, which would turn out to be a successful business move. Then, in 1984,
he acquired the luxury goods company Financiere Agache, with the help of
Antoine Bernheim. He became CEO of Financiere Agache, and then took over the
textile company Boussac Saint-Freres. Boussac owned many brands and stores,
including the luxury brand Christian Dior and the department store Le Bon
Marche, and Arnault sold all the Boussac asset's except those two.
In 1987 LVMH, a collective of luxury companies that
includes Christian Dior was started, and Arnault found himself more successful
than ever thanks to his shrewd business sense. The conglomerate was
originally formed when the luxury fashion house Louis Vuitton merged with Moët
Henessy in 1987. In July 1988, he contributed $1.5 billion and formed a holding
company with Guinness to capture 24% of LVMH's shares. Rumours began
circulating that the Louis Vuitton group was going to try to buy up LVMH stock
to form a "blocking minority", so pre-emptively to counter them
Arnault spent another $600 million on 13.5% of LVMH shares. This move made him
the largest LVMH shareholder. He was not done though, and in January 1989 he
spent even more money, this time $500 million, to buy more shares. By then, he
controlled a total of 43.5% of LVMH's shares, as well as 35% of its voting
rights. Using his control, he blocked the dismantlement of the LVMH group, and
has since led the conglomerate through a transformation that has positioned it
as one of the largest leading luxury groups around the world.
Under Arnault, LVMH underwent massive growth. In eleven years, not only did sales and profit rise by a factor of five, the company's market value also multiplied by 15. Although the conglomerate owns a large number of brands (75 total as of June 2020), Arnault has continued to promote an approach that decentralizes the brands, which helps them to be viewed as independent brands and firms with their own histories and stories. Some of the other brands under LVMH include Céline (acquired in 1988); Berluti (in 1993); Kenzo (in 1993); Guerlain (in 1994); Loewe (in 1996); Marc Jacobs (in 1997); Sephora (in 1997); Thomas Pink (in 1999); Emilio Pucci (in 2000); and Fendi (in 2001).
Other Investments: Besides LVMH, Arnault has his fingers in many other
pies. Between 1998 and 2001, through his holding company Europatweb he invested
in several web companies, including Boo.com, Libertysurg, and Zebank. Through
his investment firm Groupe Arnault, he invested in Netflix in 1999. It was
announced in 2007 that Arnault, along with the California property firm Colony
Capital, owns 10.69% of Carrefour. Carrefour is France's largest supermarket
retailer, and the second-largest food distributor in the world. Additionally,
he has involved himself in the yacht business. In 2008, he spent €253 million
euros to buy Princess Yachts. Then, he gained control of Royal van Lent for
nearly the same amount of money.
Art
Collection: Arnault is not just
all business, though – he is known for his keen interest in art collecting for
instance. Through LVMH, Arnault has sponsored artistic exhibitions in France
featuring such globally renowned artists as abstract painter Pablo Picasso and
Pop Art pioneer Andy Warhol.
Personal
Life: In 1973, Arnault
married Anne Dewavrin; they separated in 1990. Together, they share two
children. In 1990, he married Canadian concert pianist Hélène Mercier. They
have three children together. In 2019, following the devastating fire that
damaged the historic Notre-Dame Cathedral in Paris, France, Arnault and his
family pledged €200 million euros to help with repair and restoration efforts.
Bernard Arnault Networth Details: Arnault made most
of his fortune from Christian Dior, which his family holds a 73 percent stake-in.
Christian Dior is a 41 percent owner in the world's largest luxury goods
company, LVMH, which the Arnault family owns a 5.7 percent direct stake-in. He
also owns 8.4 percent of Hermes and shares in Carrefour. In 2009, he sold his
stake in the winery Cheval Blanc to LVMH for 238 million euros. LVMH had
revenue of $41.6 billion in 2016. In June of 2019, Bernard Arnault's net worth
topped $100 billion for the first time. At that point, he was the third-richest
person on the planet. In July 2019, his net worth topped $108 billion, which
placed him as the second-richest person on the planet, roughly $400 million
ahead of Bill Gates. From January to December 2019, Bernard Arnault's net worth
increased by $36 billion.
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