Net Worth: $184 Billion
Country/Territory: France
Industry: Consumer
Bernard Jean Étienne Arnault (born 5 March 1948) is a French businessman, investor and art collector. He is the founder, chairman and CEO of LVMH, the world’s largest luxury goods company. Arnault is the richest person in the world, with an estimated net worth of US$233 billion as of April 2024
Bernard Arnault is a prominent French billionaire and the chairman and CEO of LVMH, the world’s largest luxury goods conglomerate. Renowned for his keen business acumen and strategic acquisitions, he has played a pivotal role in shaping the luxury industry.
Arnault was raised in a devoutly Catholic household, with a strong inclination towards music and education. He pursued engineering at École Polytechnique, graduating in 1971. He began his career in his father’s company, Ferret-Savinel, shifting its focus to real estate, which laid the groundwork for his future career in the luxury sector.
Arnault’s entry into the luxury goods market was marked by his strategic acquisition of the financially struggling textile and retail conglomerate Boussac Saint-Frères in 1984, which included the prestigious fashion house Christian Dior. His aggressive business strategies earned him the nickname ‘The Terminator’, as he revitalized Dior and sold off other assets for profit. In 1987, he played a key role in the creation of LVMH (Louis Vuitton Moët Hennessy), a global company in luxury goods, by merging Louis Vuitton with Moët Hennessy. Through a series of strategic acquisitions and investments, Arnault changed LVMH into a major company in the luxury industry, overseeing significant growth and expansion into various sectors, including fashion, jewellery, watches, and wine.
Arnault’s influence extends beyond LVMH, with investments in web companies and philanthropic endeavours, particularly in the arts. He has been involved in notable real estate and yacht ventures. His leadership has led to LVMH becoming the largest company by market capitalization in the eurozone. Despite controversies, including his attempt to become a Belgian citizen, Arnault’s business acumen has solidified his status as a key figure in the global luxury market.
Arnault’s journey to becoming the world’s wealthiest individual is marked by strategic acquisitions and visionary leadership. He first appeared on the billionaires list in 1997 with a fortune of $3.1 billion. Over the years, he has transformed LVMH into a powerhouse, acquiring iconic brands such as Tiffany & Co. and collaborating with global stars like Rihanna. In a significant milestone, LVMH became the first European company to achieve a market capitalization of $500 billion in April 2023.
At 75 years old, Arnault is keenly focused on ensuring the continuity of his legacy and family control over LVMH. In a move to solidify this plan, he has proposed adding his sons Alexandre and Frédéric to LVMH’s board, alongside his two eldest children, Antoine and Delphine. This follows a strategic reorganization in 2022 that equalized the stakes of his five children in his holding company, Agache. This approach aims to secure the Arnault family’s influence over LVMH for generations to come.
