Bernard Arnault facts for kids
Quick facts for kids
Bernard Arnault
|
|
|---|---|
_-_2017_(cropped).jpg)
Arnault in 2017
|
|
| Born |
Bernard Jean Étienne Arnault
5 March 1949 Roubaix, France
|
| Alma mater | |
| Occupation |
|
| Known for |
|
| Title |
|
| Spouse(s) |
|
| Children | 5, including Delphine, Antoine and Frédéric |
| Honors | Grand Cross of the Legion of Honour (2023) |
Bernard Jean Étienne Arnault (born 5 March 1949) is a French businessman and art collector. He is the founder, chairman, and CEO of LVMH. This company is the world's largest luxury goods group. Arnault is one of the richest people in the world. His net worth is estimated to be over $199 billion as of late 2024.
Arnault grew up in a Catholic family. He studied engineering at École polytechnique and graduated in 1971. He started his career at his father's company, Ferret-Savinel. He helped change its focus to real estate. This experience helped him later in the luxury goods market.
In 1984, Arnault bought a struggling textile company called Boussac Saint-Frères. This company owned the famous fashion brand Christian Dior. He worked hard to make Dior successful again. In 1987, he helped create LVMH. This company was formed by combining Louis Vuitton with Moët Hennessy. Through smart business moves, Arnault built LVMH into a leader in luxury goods. It now includes fashion, jewelry, watches, and wine.
Arnault's influence goes beyond LVMH. He has invested in internet companies and supports the arts. LVMH is now the largest company by market value in Europe.
Contents
Early life and education
Bernard Jean Étienne Arnault was born on 5 March 1949 in Roubaix, France. His mother, Marie-Josèphe Savinel, was a pianist. His father, Jean Léon Arnault, owned a civil engineering company.
Bernard grew up in a strict Catholic family. He took classical piano lessons as a child. He went to Catholic schools in Roubaix and Lille. In 1971, he graduated from the École Polytechnique. This is a top engineering school in France.
Career
After graduating in 1971, Arnault started working for his father's company, Ferret-Savinel. Three years later, he convinced his father to focus on real estate. The company sold its construction part and was renamed Ferinel. Later, it became the George V Group. Its real estate parts were eventually sold.
1971–1987: Starting his career
Arnault was president of Ferret-Savinel from 1978 to 1984. In 1984, he learned that the French government wanted someone to take over Boussac Saint-Frères. This was a large textile and retail company that owned Christian Dior.
Arnault bought Financière Agache, a luxury goods company. He then won the bid for Boussac Saint-Frères. He bought the group for a very small amount. After buying Boussac, he sold almost all of its parts. He only kept the Christian Dior brand and the Le Bon Marché department store. By 1987, the company was making a profit again.
1987–1989: Creating LVMH
In 1987, Arnault worked with Alain Chevalier and Henry Racamier. They were the CEOs of Moët Hennessy and Louis Vuitton. Together, they formed LVMH. The name LVMH stands for Louis Vuitton Moët Hennessy.
In 1988, Arnault invested a lot of money to gain shares in LVMH. He became the largest shareholder. LVMH was created to be too big for one person to take over. However, there were disagreements inside the company. Arnault had different ideas from Louis Vuitton's president, Henry Racamier.
In 1989, Arnault bought more shares. He gained control of LVMH's shares and voting rights. This allowed him to stop the company from being broken up. He then became the chairman of the executive management board.
1989–2001: LVMH grows
After taking charge, Arnault helped LVMH grow a lot. It became one of the biggest luxury groups in the world. In eleven years, sales and profits grew five times. The company's value increased 15 times.
In 1988, LVMH bought Céline. They also supported French fashion designer Christian Lacroix. In 1993, LVMH bought Berluti and Kenzo. Arnault also bought the French economic newspaper La Tribune.
LVMH continued to buy more brands. These included the perfume firm Guerlain in 1994. In 1996, they bought Loewe. In 1997, they added Marc Jacobs and Sephora. More brands joined the group, like Thomas Pink in 1999, Emilio Pucci in 2000, and Fendi, DKNY, and La Samaritaine in 2001.
In the 1990s, Arnault built the LVMH Tower in New York. This helped manage LVMH's business in the United States. In 1999, Arnault also invested in the Italian leather goods company Gucci. After some disagreements, LVMH sold its shares in Gucci in 2001. They made a profit of $700 million.
From 1998 to 2001, Arnault invested in several internet companies. His group also invested in Netflix in 1999.
2001–present: Continued success
In 2007, Arnault bought a share in Carrefour. This is one of France's largest supermarket chains. In 2008, he entered the yacht business. He bought Princess Yachts and Royal van Lent shipyard.
In 2011, Arnault announced that LVMH would buy most of the Italian jeweler Bulgari. This deal was worth $5.2 billion. LVMH also invested in LCapitalAsia, a private equity firm. In 2014, Arnault partnered with the Italian fashion brand Marco De Vincenzo.
In 2016, LVMH sold DKNY. In 2017, LVMH bought the rest of the Christian Dior brand. This brought the entire Christian Dior business under LVMH.
By 2018, LVMH had record sales of €42.6 billion. Their net profit increased by 29%. In 2019, Arnault planned to buy Tiffany & Co. for about $16.2 billion. The deal was completed in January 2021.
Under Arnault's leadership, LVMH has become the largest company in Europe. Its value reached 313 billion euros ($382 billion) in May 2021. Arnault believes that brands like Louis Vuitton and Dior are successful because they are both timeless and modern.
Personal life
Family
In 1973, Arnault married Anne Dewavrin. They had two children, Delphine and Antoine. They separated in 1990. In 1991, he married Hélène Mercier, a Canadian concert pianist. They have three sons: Alexandre, Frédéric, and Jean. Arnault and Mercier live in Paris. Arnault has four grandchildren.
All five of his children work in brands owned by Arnault. Delphine is the CEO of Dior since 2023. Antoine is in charge of communications and image for LVMH. Alexandre is an executive at Tiffany & Co. Frédéric is the CEO of LVMH Watches. Jean is a director at Louis Vuitton.
Wealth
In April 1999, Arnault was first named the richest person in fashion. He has often been listed as one of the wealthiest people in the world. His wealth has changed over time. For example, during the COVID-19 pandemic, his wealth decreased. However, it later grew again as sales of luxury goods increased.
In 2022, Arnault changed the legal structure of his main holding company. This was to make sure his family would keep control of LVMH for a long time. In April 2023, his family's net worth reached about $240.7 billion. This made him the richest person in the world at that time.
Request for Belgian citizenship
In 2013, it was reported that Arnault planned to apply for Belgian citizenship. He was thinking about moving to Belgium. However, he later said he was misunderstood. He stated he never intended to leave France. He said he would continue to pay his taxes in France.
On 10 April 2013, Arnault announced he would not apply for Belgian citizenship. He did not want people to think he was trying to avoid taxes. He said he wanted to remove any confusion.
Transport
Arnault used to own a large yacht called Amadeus. He sold it in 2015. His current yacht, Symphony, is even bigger. It was built in the Netherlands.
In October 2022, Arnault said LVMH sold its private jet. This happened after someone on Twitter started tracking its flights. He now rents private planes for his trips instead.
Lifestyle
Arnault plays tennis every week. He also pays attention to his health and works constantly.
Art collection
Arnault collects art from famous artists like Picasso, Yves Klein, and Andy Warhol. He has also helped LVMH become a big supporter of art in France. LVMH created a competition for young fashion designers. The winner gets money and help to start their own brand.
From 1999 to 2003, he owned Phillips de Pury & Company, an art auction house. In 2006, Arnault started building the Louis Vuitton Foundation. This is a museum for modern and contemporary art. The building was designed by the architect Frank Gehry. It opened in Paris on 20 October 2014.
Political views
In the 2017 French presidential election, Arnault publicly supported Emmanuel Macron. Brigitte Macron, the wife of Emmanuel Macron, was a French teacher for Arnault's sons. In 2025, he attended the second inauguration of Donald Trump.
Awards and honors
- Grand Cross of the Légion d'Honneur (France, 2023)
- Commandeur of the Ordre des Arts et des Lettres (France)
- Grand Officer of the Order of Merit of the Italian Republic (Italy, 2006)
- Medal of Pushkin (Russia, 2017)
- Honorary Knight Commander of the Most Excellent Order of the British Empire (UK, 2012)
- The Woodrow Wilson Award for Global Corporate Citizenship (2011)
- The Museum of Modern Art's David Rockefeller Award (March 2014)
See also
In Spanish: Bernard Arnault para niños
- List of French billionaires by net worth
