Arnault began his career at Ferret-Savinel in 1971 and was its president from 1978 to 1984. In 1984, Arnault, then a young architect, heard that the French government had appointed someone to take over Boussac Saint-Frères, a commercial and retail there is Christian Dior. With the help of Antoine Bernheim, senior partner of Lazard Frères, Arnault bought the luxury company Financière Agache. He became the CEO of Financière Agache, then won the bidding war for Boussac Saint-Frères, celebrated buying the team for one franc, and took control of Boussac Saint-Frères. In addition to Christian Dior, Boussac owns the department store Le Bon Marché, the department store Conforama and the diaper manufacturer Peaudouce.
After Arnault bought Boussac, he laid off 9,000 workers in two years, after which he received a nickname. “The Terminator”. The company then sold almost all of its assets, keeping only the Christian Dior brand and the Le Bon Marché department store.He joined LVMH in 1987 with Moët Hennessy CEO Alain Chevalier and Louis Vuitton President Henry Racamier.In July 1988, Arnault contributed $1.6 billion to create a holding company with Guinness that held a 24% stake in LVMH. In response to rumors that the Louis Vuitton group is buying LVMH shares to create a “minority barrier”, Arnault spent $600 million to buy a 13.5% stake in LVMH, making him a shareholder. largest in LVMH owners.
LVMH was founded on the assumption that a conglomerate would be too large for one individual to fight alone. However, the unexpected thought of buying a home goes into the account. The failure was too good to ignore when Arnault had different ideas than Henry Racamier, the president of Louis Vuitton.
Bernard Arnault Profile Biography
|Full Name||Bernard Jean Étienne Arnault|
|Date of Birth||5 March 1949|
|Height||1.85 m or 6′ 1”|
|Annual Income||$7 billion|
|Net Worth||$239 billion|
Bernard Arnault’s Net Worth and Earning Assets 2023
Arnault’s net worth is $239 billion today. It has a diverse business portfolio. The largest part of its assets is the property of LVMH, whose market capital exceeds 477 billion dollars. Its products include more than 70 luxury brands, including Tiffany & Co., Dior, Fendi, and Bulgari. He also has a controlling stake in Christian Dior SE, which owns the fashion house of the same name, as well as other brands such as Givenchy and Celine. In addition to LVMH and Christian Dior, Arnault also has investments in other companies such as Sephora and Hermès. In addition to being a business tycoon, Arnault is also a famous art collector and has a large collection of modern and contemporary paintings. His art collection is estimated at several thousand dollars.
Does Bernard Arnault have any or do charities?
The richest billionaire in the world is also known for his kindness. According to CNBC, Arnault has given more than $45 million to charity. In 2019, when the Notre Dame Cathedral burned down, he pledged more than $226 million for its restoration. In addition, he donated $11 million to fight the fire.
Arnault earned the nickname “The Terminator” for killing more than 9000 workers.
He has a thousand dollars worth of art.
The billionaire once said in an interview with Forbes that his inspiration is Warren Buffet.
He owns a private island worth millions of dollars in the Bahamas.
It often comes as a shock to many, but Arnault is a pianist
Bernard Arnault Business
After graduating from college, Arnault began his career at his father’s construction company. Then he convinced his father to get out of construction and put money into real estate, which was good. After that, he became the company’s director, chief operating officer and president. He entered the textile industry in 1981 when he bought the financial company Boussac Saint-Frères. He later sold most of the shares and kept only the Christian Dior brand and the Le Bon Marché department store.
In 1985, he became the CEO of Dior. He invested in LVMH in 1987 and eventually acquired a 43.5% stake in the company in 1989. Bernard Arnault helped transform LVMH into a global luxury conglomerate, now with brands such as Louis Vuitton, Dior, Givenchy, Fendi, and Bulgari under its umbrella. Today, Bernard Arnault’s net worth is over $200 billion
How and where does Arnault spend his money?
The richest man in the world, Bernard Arnault, has used his fortune to collect the most expensive things money can buy. In 2008, he bought Dutch luxury yacht builder Royal Van Lent and British yacht manufacturer Princess Yachts International. He is the owner of the superyacht Symphony. In 2015, he sold his superyacht Amadeus, which was originally built in 1969. Arnault can fly not only across the ocean but around the world in style. His private jet, the Dassault Falcon 7X, reportedly cost $40 million. This is not the only plane in his fleet, as Arnault also has a long-range Bombardier Global 7500. It has become the Bombardier Global Express 6000.
Arnault owns a 135-acre private island in the Bahamas. A place in the Caribbean called Indigo Island. Of course, he doesn’t know that Arnault is sailing around the waves in Sinfonia for his private island. The head of LVMH has a house in Paris, the city where the company is headquartered. He is said to have spent about $96 million on real estate in the major areas of Beverly Hills, Trousdale Estates, and Hollywood Hills in Los Angeles, United States. But it was his chateau-style beachside mansion in Saint-Tropez, France that made him the richest man in the world. This large property has a theater, outdoor swimming pool, tennis court, and many bedrooms. There is also a separate room for staff.
Bernard Arnault Philanthropic Works
Arnault’s company, LMVH, carries out many charitable activities. It supports humanitarian, medical research, and scientific organizations such as Save the Children, the Paris Hospital Foundation, and the Princess Grace of Monaco Foundation.
Bernard joined his father’s business after graduating from college, wanting the company to expand its horizons and venture into other profitable markets.
His first move in the company was to convince his father to close the construction and enjoy the profits. After the house was demolished, the family started investing in real estate and did very well.
With the rapid rise of the company, Bernard was the development director in 1974, the president in 1977, and before his father became president in 1979. In 1981, French relations forced the family to America and still remain there. to advance his goods to the United States.
Arnault returned to France in 1983 and saw a good opportunity to enter the textile industry when the company Boussac Saint-Freres went bankrupt. He partnered with director Antonie Bernheim, who worked for the investment firm Lazard Freres, to finance the purchase of Boussac.