Bernard Arnault Wiki, Biography, Age, Height, Weight, Wife, Girlfriend, Family, Net Worth, Current Affairs

Bernard Arnault Wiki:

Bernard Arnault is a prominent French entrepreneur, investor, and renowned art collector. He holds the positions of chairman and chief executive officer at LVMH Moët Hennessy – Louis Vuitton SE, the world’s preeminent luxury goods conglomerate. As of January 31, 2022, Arnault stands as Europe’s wealthiest individual and ranks as the third wealthiest person globally, according to Forbes.

Through a series of extensive acquisitions and the company’s enduring success, Bernard Arnault, at the helm of the luxury industry’s largest conglomerate, has left an indelible mark on the fashion world. Beyond his role at LVMH, Arnault is actively involved in a diverse portfolio of investment and holding companies.

Bernard Arnault Wiki

Bernard Jean Étienne Arnault, commonly known as Bernard Arnault, is a French tycoon, investor, and prominent art enthusiast. He holds the esteemed positions of co-founder, chairman, and chief executive officer of LVMH Moët Hennessy – Louis Vuitton SE, the world’s preeminent luxury goods conglomerate. According to Forbes, as of December 2022, Bernard Arnault and his family are estimated to have a net worth of US$186.5 billion, making him the wealthiest individual in Europe and the second wealthiest in the world. He was born on March 5, 1949, in Roubaix, France, to Marie-Josèphe Savinel and Jean Léon Arnault, who was an industrialist and a graduate of École Centrale Paris.

Arnault possesses an impressive collection of artworks from renowned artists such as Andy Warhol, Henry Moore, Pablo Picasso, and Yves Klein. He has also played a pivotal role in establishing LVMH as a major patron of the arts in France. LVMH’s Young Fashion Designer competition, open to students from fine arts schools globally, awards the winner a scholarship and a year of mentoring to help them establish their own brand.

Bernard Arnault owned the art auction house Phillips de Pury & Company from 1999 to 2003 and acquired Tajan, France’s first auctioneer. In 2006, he initiated the construction of the Louis Vuitton Foundation, designed by architect Frank Gehry, dedicated to contemporary art and creation. On October 20, 2014, the Foundation was officially inaugurated at the Jardin d’Acclimatation in Paris.

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Professional Beginning

Bernard Arnault took over Ferret-Savinel, his father’s construction company, in 1971 after graduating from École Polytechnique. Eight years later, he changed the company’s name to Férinel Inc. and focused on property investment. He spent many years developing real estate. Compagnie Generale des Eaux, which later became Nexity, eventually purchased the property investment holdings. Arnault and Antoine Bernheim, managing partner of the French company Lazard Frères & Co., provided financing for the purchase of Boussac Saint Freres, a struggling textile company that owned the Christian Dior design label, along with $15 million of his own money.

Acquisition of LVMH

In 1987, Henri Racamier, the chairman of LVMH, asked Arnault to invest in the company. In 1988, Arnault invested $1.5 billion to acquire a 24% stake in LVMH. Givenchy, Kenzo, and Christian Lacroix, the luxury retail companies Céline, Berluti, and Loewe, the jeweler Fred Joailler, the world’s largest duty-free chain DFS group, and the beauty retail chain Sephora were all eventually brought into the LVMH fold after Arnault overthrew Racamier in 1990.

LVMH Profitability & Success

During Bernard Arnault’s tenure as CEO, LVMH reached a milestone of more than 313 billion euros, or 382 billion dollars, in May 2021, making it the largest business by market valuation in the countries of the Eurozone. Arnault has advocated for the decentralization of the group’s businesses as part of strategic planning. Tiffany and other LVMH brands are always viewed as independent businesses with their own histories as a result of these steps.
With a total wealth of 187.3 billion US Doller, Arnault briefly overtook Jeff Bezos as the richest person in the world on May 24, 2021. However, hours later, Amazon shares rose, and Jeff Bezos regained his position at the top.

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