Bernard Arnault: The Inspirational Success Story of LVMH.
Bernard Jean Etienne Arnault is a French businessman, the chairman and CEO of LVMH and the world’s richest man in 2024according to Forbes.
Early life
Bernard Jean Etienne Arnault was born on March 5, 1949 in Roubaix. His mother, pianist Marie-Josèphe Savinel had a deep admiration for Dior. His father, Jean Léon Arnault, a manufacturer and École Centrale Paris alumnus, ran the civil engineering firm Ferret-Savinel. Growing up in Catholic household, influenced by his strict grandmother from Auvergne, Arnault took piano lessons. He studied at the Lycée Maxence Van Der Meersch in Roubaix and the Lycée Faidherbe in Lille, which accommodates boarders and prepares students for prestigious grandes écoles. He graduated from leading engineering school – the École Polytechnique.
profession
Bernard Jean Étienne Arnault joined his father’s firm (Ferret-Savinel) after his graduation in 1971. He was its president from 1978 to 1984.
In 1984, Arnault, who was then a young real estate developer, acquired the Financier Agache (luxury goods company) with Antoine Bernheim’s support (a senior partner of Lazard Frères). He became the CEO of Financière Agache, taking control of Boussac Saint-Frères. After purchasing Boussac, he let go of 9,000 employees in two years and earned the nickname “The Terminator” and over the years that followed, he got even more nicknames, including “The Great Predator of Luxury,” “The Pope of Fashion” and “The Wolf in the Cashmere Coat.”
In 1987, Alain Chevalier merged his Moet Hennessy group with Henry Racamier‘s Louis Vuittonforming LVMH. Arnault led the company through an ambitious development plan, transforming it into one of the largest luxury groups in the world, with an impressive 313 billion euros ($382 billion) as of May 2021.
LVMH has around 60 subsidiaries, which take care of 75 prestigious luxury brands. LVMH’s brands include: Tiffany, Dior, Fendi, Givenchy, Marc Jacobs, Stella McCartney, Loewe, Loro Piana, Kenzo, Celine, Sephora, Princess Yachts, TAG Heuer, and Bulgari.
Family
Bernard Jean Étienne Arnault married Anne Dewavrin in 1973 and welcomed two children, Delphine and Antoine. They separated in 1990. The following year, he married Hélène Mercier, a talented concert pianist from Canada. Together, they have three sons: Alexandre, Frédéric, and Jean. Arnault has four grandchildren. All five children have official roles in brands controlled by Arnault, along with his niece Stephanie Watine Arnault. In January 2023, Delphine Arnault was appointed chief executive at Dior.
Wealth
In July 2019, Arnault became the second-richest man in the world, with a net worth of $103 billion. During the COVID-19 pandemic, Arnault experienced a significant decrease in his wealth, losing $30 billion in luxury goods sales. In 2021, Arnault regained the status of the wealthiest man in the world, with his net worth reaching an impressive $198.4 billion. This achievement was fueled by sales of LVMH’s luxury products in China and various regions across Asia.
Bernard Arnault & family reached a remarkable peak net worth of $233 billion according to Forbes. This made him the richest person in the world, overtaking Elon Musk with $195 billion and Jeff Bezos with $194 billion net worth.
“Money is just a consequence. I always say to my team, don’t worry too much about profitability. If you do your job well, the profitability will come.”
– Bernard Jean Etienne Arnault
