The beginnings of Bernard’s life Jean Etienne Arnault was born on March 5, 1949, in Roubaix in the French state of Roubaix in France. Jean Leon Arnault, his father, was a factory worker and was a graduate of Ecole Centrale Paris. Jean Leon Arnault was his son. Marie-Josephe Savinel, his mother was the child of Etienne Savinel, who was the founder of the company for civil engineering Ferret-Savinel.
The name was derived from his grandfather, who was his mother’s father. The year 1950 was when Savinel allowed his nephew-in-law Jean Leon Arnault (Bernard’s father) the task of running Ferret-Savinel which he later gave Jean Leon Arnault ownership of the business as well. As of 1971, Bernard was awarded his degree from Ecole Polytechnique, which is generally regarded as the top engineering school in France.
When he received his diploma in the year 1971, Arnault went to work at the company his father had started, Ferret-Savinel (which was previously owned by his maternal grandfather). The year 1978 saw him appointed to the office as president of the company and held the post until the year 1984. While at Ferret-Savinel He was instrumental in shifting the company’s focus on real estate rather than construction and would turn out to be a successful business decision over the long term.
The following year, in 1984, he joined forces along with Antoine Bernheim in order to purchase the luxury goods company Financiere Agache. He was first appointed to the position of chief executive officer for Financiere Agache and later became owner of the company’s textile business Boussac Saint-Freres. Arnault was the sole owner of Boussac’s assets, excluding of the brand of luxury Christian Dior and the department store Le Bon Marche. Boussac owned a assortment of stores and brands which included Christian Dior and Le Bon Marche.
Arnault’s savvy in the realm of finance enabled him to start LVMH at the end of 1987. It was a grouping of high-end brands, including Christian Dior, and he discovered himself in greater financial prosperity than previously. in 1987, upscale fashion label Louis Vuitton combined with the beverage firm Moet Hennessy, which resulted in the creation of the company.
In the month of July, 1988 Arnault made a donation to the tune of $1.5 billion and established an holding company with Guinness to purchase 24% of the shares in LVMH. Arnault splurged an additional $600 million to buy 13.5 per cent of LVMH shares to deflect speculation of it was the Louis Vuitton group was going to attempt to purchase LVMH stock to create an “blocking minority.”
This was done to defuse the rumors being circulated. In consequence of this, he now is the biggest shareholder of LVMH. However, he wasn’t done, and in the month of January of 1989 , he put in another amount of money at this time at $500 million, in order to buy additional shares. At the time the company had acquired the sum worth of 43.5 percent of the shares of LVMH and had voting rights equivalent with 35 per cent of the business.
He stopped from the LVMH group from being dissolved with the strength and influence he had and has guided the company through a transformation which has made it one of the most prestigious and most profitable luxury companies around the globe.
In the years under Arnault, LVMH saw significant growth. In just eleven years not only did sales and profits grow by five times the rate and the value of the company grew by fifteen times the amount. Arnault has remained a proponent of an approach that centralizes brands, which allows them to be recognized as distinct companies with their own stories and stories.
This is even though the company owns a large variety of names (75 in all in June 2020). Celine was purchased from 1988 Berluti being purchased by 1993 Kenzo that was bought at the time of 1993. Guerlain that was purchased during 1994. Loewe and Loewe, both of which were bought at the end of 1996. Marc Jacobs, which was bought at the end of 1997. Sephora and Sephora, both of which were purchased at the end of 1997. Thomas Pink, which was bought in 1999 as well as Emilio Pucci that was purchased in 2000 as well as Fendi (in the year 2001).
Arnault has been involved with a variety of businesses as well as LVMH. Through his holding company Europatweb which he founded, he invested in several different web-based startups between 1998-2001. This included Boo.com, Libertysurg, and Zebank. In 1999 He made an investment into Netflix via the investing company that he established, Groupe Arnault.
It was disclosed that Arnault together with the property company Colony Capital from the state of California was the owner of 10.69 per cent of Carrefour. It is the French retailer Carrefour is the second largest food distributor , and also the biggest retailer of groceries in France. Additionally the fact that he’s also gotten himself involved in the world of yachting.
He bought Princess Yachts to the tune of 253 million euros in 2008. Then for almost the same amount, he bought the largest part of Royal van Lent.
Collection of art work
Arnault is well-known for his ardent interest in collecting art, for instance but he’s also not just focused on operating his business empire. Arnault has supported creative exhibits throughout France under the supervision of LVMH. The artists who are featured in these exhibits include the founder of pop art Andy Warhol, as well as the abstract artist Pablo Picasso.
Arnault married Anne Dewavrin in 1973, and they split 15 years later, in the year 1990. They have a number of 2 children. He got married to Canadian musician Helene Mercier in the year 1990. They have three children together. In the year of 2019, following the massive fire that destroyed the famous Notre-Dame Cathedral in Paris, France, Arnault and his family made a pledge of 200 million euro to aid in the restoration and repair works.
Bernard Arnault Net Worth
French billionaire Bernard Arnault is most known for his work as chief executive officer and chairman officer of LVMH the world’s most prestigious luxury goods manufacturer. He made his fortune through these positions. In the year that this article was written Bernard Arnault has a net worth that’s equivalent to the sum of 125 billion dollars. Because of his wealth, he’s currently among the 10 most wealthy people around the globe, alongside others like Jeff Bezos and Bill Gates.
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Bernard Arnault Wealth Details
The majority of the Arnault’s wealth was accumulated through Christian Dior and his family holds a majority share of 73. The Arnault family holds the direct ownership of 5.7 percent of the largest luxury goods firm, LVMH. Christian Dior owns 41% of the company, which makes the biggest Christian Dior business holding. Additionally the company, he also holds shares of Carrefour and also owns 8.4 percentage of Hermes.
Then, in 2009, the owner broke off from the winery Cheval Blanc, selling his portion of Cheval Blanc in 2009 to LVMH at 238 million euros. In the year 2016, LVMH reported a total profit that was $41.6 billion. The amount of the assets owned by Bernard Arnault was officially exceeded 100 billion, for the very first time since June 2019.
In that year when he was third in the place on the list of most wealthy people on the world. In July his net worth reached $108 billion. This places him in the second spot in the rankings of the richest people on the planet, just 400 million more than Bill Gates. The growth in the net worth of Bernard Arnault at the start of the year to the close this year reached $36 billion.