Bernard Arnault is the world’s top richest man in the world.He is the chairman of LVMH, with a net worth of $186 billion.Being the worls’s richest man,Arnault’s life story is something that inspires everybody.He now lives at his residence in Paris.
Age:
73 years as of 2023
Height:
In feet: 6 feet 1 inches (6’1”)
In metres: (1.85 m)
In centimetrs: 185 cm
Weight:
81 Kg
Nationality:
French
Residence:
Paris
CEO and Chair:
LVMH (LVMUY)
In the firm,Christian Dior SE,Bernard has done his share of investment .Dior SE is the holding company that owns 41.2% shares of LVMH. Thus, the major proportions of his wealth and property lies in here.He owns shares in Christian Dior SE and 6.2% of LVMH through Groupe Familial Arnault, his family’s holding firm.
Early Life & Childhood:
On March 5, 1949, Bernard Jean Étienne Arnault took his first breath in Roubaix. Marie-Josèphe Savinel, Bernard’s mother was a fan of Dior. She was Étienne Savinel’s daughter. [Reference needed] His father, civil engineer Ferret-Savinel founder Jean Léon Arnault, did his graduation at École Centrale Paris.He wedded Anne Dewavrin in the year 1973, and the two of them had Delphine and Antoine. The couple split up in 1990Together with his niece Stephanie Watine Arnault, all five of Arnault’s children have formal positions in businesses that he owns or controls.
1971–1987: The beginning of a career
Ferret-Savinel was where Arnault started his career in 1971, and he served as its president in the resume 1978 to 1984.When the French government was about to select someone to lead the Boussac Saint-Frères empire, which is both textile and retail conglomerate and it was owned by Christian Dior, in 1984, Arnault, who was a young real estate developer by then , heard about it and was keen in taking the opportunity.Arnault was able to acquire the Financière Agache, a manufacturer of luxury goods, with the aid of Antoine Bernheim, who was a senior partner of the firm Lazard Frères.Having won the bid for Boussac Saint-Frères by purchasing the group for a symbolic one franc, he then assumed management of Boussac Saint-Frères as CEO of Financière Agache. In addition to Christian Dior, Boussac owned the diaper maker, Conforama, and the clothing store Le Bon Marché.Following the purchase of Boussac, Arnault fired 9,000 employees in just two years, earning him the moniker “The Terminator.” The company’s assets were then almost all auctioned off, leaving only the Christian Dior name and the Le Bon Marché department store. [Reference needed] In 1987, the business turned a profit once more and profits of $112 million on 1.9 billion dollars in sales.
From 1987 through 1989, LVMH was co-founded and acquired.
In order to create LVMH in 1987, he collaborated with Henry Racamier, who is the then president of Louis Vuitton, and Alain Chevalier, CEO of Mot Hennessy.In order to create a general partnership with Guinness that controlled 24% of LVMH’s shares, Arnault contributed $1.6 billion in July 1988. Arnault invested 600 million dollars of rupees to acquire 13.5% more of LVMH, which made him stand as the the company’s largest shareholder, in reaction to concerns that rose such as the Louis Vuitton was acquiring LVMH stock to create a “blocking minority.” The idea behind the creation of LVMH was to prove the belief that the conglomerate would be too big for one hostile raider. The hypothesis did not, however, account for internal takeover efforts.As Henry Racamier, the president of Louis Vuitton, and Arnault had different strategic visions, the fault grew too big to ignore.He spent an additional $500 million in January 1989 to amass a final tally of 43.5% of LVMH’s stocks and 35% of its enfranchisement, giving him the “blocking minority” he required to prevent the breakup of the LVMH group.Then he turned on Racamier, revoked his authority, and had him dismissed from the management team. He was overwhelmingly chosen to serve as the executive management board’s chairman on January 13, 1989.
LVMH’s first growth and expansion from 1989 to 2001
Upon his appointment as CEO, Arnault oversaw an ambitious expansion strategy that helped the business grow to become one of the largest luxury conglomerates in the world, along with Swiss luxury behemoth Richemont and French conglomerate Kering.The market price of LVMH surged by a ratio of 15 in just eleven years, while annual revenue and earnings soared by a proportion of 5. In order to promote the business’s high-end apparel line, he supported French fashionista Christian Lacroix in the same year. In 1993, the very same year that Arnault purchased the French business journal La Tribune, LVMH purchased Berluti and Kenzo. With his 150 million euro investment, La Tribune never attained the intended profitability.LVMH bought the perfume company Guerlain in 1994. Arnault acquired Loewe in 1996 following Marc Jacobs and Sephora the next year. The LVMH Tower, that had it’s debute in the year 1999, was the result.In the same year, Tom Ford and Domenico De Sole’s Italian leather wares firm, Gucci, caught Arnault’s attention. Before being found out about this, he quietly amassed a 5% share in the business. As a hostile response, Gucci referred to it as a “creeping takeover.” Arnault increased his position to 34.4 percent after becoming aware of the situation while claiming he only wanted to remain a passive and supporting shareholder. De Sole suggested that Arnault refrain from extending his ownership of Gucci in exchange for board representation. Arnault, however, resisted agreeing to these conditions. De Sole found a gap in the law that permitted him to issue shares with just official permission, and for every share LVMH purchased, he issued more for his staff, reducing Arnault’s ownership interest. The conflict continued until a resolution in September 2001. Following the court decision, LVMH divested its holdings and made a $700 million profit.
Net Worth:
Being the world’s top richest person, his networth is estimated to be about 186 billion dollars.
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