How Much Is Bernard Arnault Net Worth?
|Net Worth:||175 Billion dollars|
|Birth Date:||Mar 5, 1949 (72 years old)|
|Profession:||Business executive, Business entrepreneur|
A French billionaire, Bernard Arnault who earned the majority of his wealth as he is the chief executive and the chairman of the world’s largest luxury goods company known to be as Louis Vuitton conglomerate (LVMH). He was appointed as chairman of this very rapidly growing company LVMH since 1989.
As of being the major stakeholder of Fashion Company, he has become the richest man in France. Moreover, Bernard Arnault has a net worth of $175 billion dollars and this makes him one of the richest persons of the world as like Larry Page, Jeff Bezos and Bill Gates.
Early Life and Biography
On March 5, 1949, in the city of France called Roubaix, Bernard Jean Etienne Arnault was born. The father of this richest personality was Jean Leon Arnault. His father was a producer and also a former student of very popular school known to be as Ecole Centrale Paris.
A very famous and rich woman Marie-Josephe Savinel was the mother of Bernard Arnault. His mother was the daughter of Etienne Savinel who was the owner of Ferret-Savinel that is a civil engineering company. For his early education, he attended Maxence Van Der Meersch High School in Roubaix in France.
The management of Ferret-Savinel was given by Etienne Savinel to his son-in-law Jean Leon Arnault (father of Bernard) in 1950.
Later, he also made him the owner of the company as well. After completing his high school education, he joined Ecole Polytechnique and it was one of the tops of France’s engineering institutes. In 1971, he completed his graduation degree in engineering.
After completing his degree of graduation in 1971, he started to work at the company of his father Ferret-Savinel previously it was owned by his maternal grandfather.
After only seven years, in 1978 he attained the highest post of the company and became the president and maintained his position till 1984.
In the company with his father Ferret-Savinel, he supported the company very well and moved the company far from the construction side to focus on increasing the real estate.
Also, In this way, the company would develop by leaps and bounds and become a successful business exchange.
In 1984, with the help of Antoine Bernheim, he became eligible to attain the very famous luxury goods company Financiere Agache. After becoming the CEO of Financiere Agache, he also owned another textile company Boussac Saint-Freres.
Many brands and stores were owned by Boussac in which the luxury brand Christian Dior and the department store Le Bon Marche were included.
All the assets of Boussac except the above two were sold by Arnault. A collective of luxury companies known as Louis Vuitton conglomerate (LVMH) including Christian Dior was started in 1987. Due to his sharp sense of business made him to become the more successful than before.
In 1987, when the extravagance style house Louis Vuitton combined with Moet Henessy, the conglomerate was originally made. With the contribution of 1.5 billion dollars he became able to form a holding company to attain 24% of LVMH’s shares with Guinness in July 1988.
Success Life (How to Become a famous businessman, investor, and art collector)
Many of the fake news were started to circulate that the Louis Vuitton group was trying to purchase LVMH stock in order to proactively counter them and to make a “blocking minority”, another 600 million dollars on 13.5% of LVMH shares were consumed by Arnault. This transfer proved to be the largest LVMH owner to him.
In January, 1989, in order to buy more shares he spent even more money and this time he consumed 500 million dollars. After this movement, a total of 43.5% shares of LVMH were owned by him along with its voting rights by 35%.
He obstructed the dismantlement of the LVMH group by using his control, and has until succeeded to lead the conglomerate company through a renovation that upgraded its position to make it as one of the largest prominent luxury groups in all over the world. During his period, LVMH achieved a very huge development and popularity.
The sales and profit of this group not only increased by a factor of five but also the market value of company also multiplied by fifteen in just 11 years. Instead of ownership of large number of brands by conglomerate having 75 in totals but Arnault has tried his best to promote a methodology in order to spread out the brands. This helps them to become as independent brands and also make their own stories and histories.
Many other brands started to work under this vast spreading LVMH group. The Celine was achieved in 1988. Similarly Berluti in 1993, Kenzo in 1993, Guerlain in 1994, Loewe in 1996, Marc Jacobs in 1997, Sephora in 1997, Thomas Pink in 1999, Emilio Pucci in 2000, and Fendi in 2001.
Besides his very strong and prevailing business network, for instance Arnault is also known for his deep interest in art collection. With the help of LVMH, he has managed to arrange many presentations on art in France. These exhibitions featured the well-known artists of this planet such as abstract painter Pablo Picasso and Pop Art pioneer Andy Warhol.
Personal Life and Real Estate
A very pretty and gorgeous lady whom he tied a marriage knot was Anne Dewavrin in 1973. Until 1990, they lived together but due to some reason, they separated in the same year. This couple together produced two children.
In 2007, Arnault owns 10.69% of Carrefour along with the California property stable Colony Capital. After one year in 2008, to purchase Princess Yachts he spent 253 million euros. He married another beautiful woman; a Canadian concert pianist was named Helene Mercier in 1990. Three children were bestowed to this couple.
A very terrible incident that has occurred in 2019 in which the overwhelming fire smashed the historic Notre-Dame Cathedral in Paris, France. However, in order to aid and support with repair and restoration struggles, Arnault and his family assured an amount of 200 million euros.