20. LinkedIn sets the lidc cookie to facilitate data center selection. [79] Brigitte Macron was the French teacher of Arnault's sons Frdric and Jean when they were students at the Lyce Saint-Louis-de-Gonzague. [1][2] He is the founder, chairman, and chief executive officer of LVMH Mot Hennessy Louis Vuitton, the world's largest luxury goods company. Investment Banking Paris, Ile-de-France L Catterton Financial Services Greenwich, Connecticut . 04. In 2012 he was appointed CEO of Bulgari and then Chairman and CEO of Louis Vuitton. [citation needed] By 1987, the company was profitable again and booked earnings of $112 million on a revenue stream of 1.9 billion dollars. Take this excerpt from an article about Arnault in GeniusWorks (emphasis mine): Investopedia requires writers to use primary sources to support their work. Investopedia does not include all offers available in the marketplace. [78], In the second round of the 2017 French presidential election, Arnault supported Emmanuel Macron. Arnault has owned 100% of Dior since 2017, when he paid 12 billion for the 25.9% of Christian Dior SE his family didnt already ownand then LVMH acquired all of Christian Dior Couture for 6 billion in an internal transaction. The leader of the study noted that LVMH had labels with very high standards in terms of craftsmanship," which can give "the impression of very high exclusivity, even in some cases where it may not be so exclusive.. Bernard Arnault: Frances Wolf-in-Cashmere Billionaire., Reference for Business. Arnault single family office: active private equity investors. Since January 2021, he has also been Chairman of Tiffany Board of Directors. These investments range from niche tech startups to some of the most well-known household brands. The history of LVHM: a series of acquisitions It all started in 1984, when a then 35-year-old Bernard Arnault noticed that the luxury company Christian Dior was for sale. Nest Labs is a home automation company manufacturing sensor-driven, Wi-Fi-enabled, self-learning thermostats and smoke detectors. Diversity Spotlight (US Headquarters Only). Arnaud often cites an early visit to the U.S. as the first time he understood the true power of a luxury brand. Existing . The firm seeks to hold stake in companies. This is a profile preview from the PitchBook Platform. [48] Arnault has promoted decisions towards decentralizing the group's brands as a business strategy. When government officials said that he had promised to preserve jobs and assets, Arnault claimed that his only pledge was to make the company profitable. ", SmartWeek. He returned the group to profitability as he embarked upon a strategy of developing the world's leading luxury products company. [9] Gucci responded hostilely and called it a "creeping takeover." VIEW MORE + 01 02. After selling off most of the other assets, he reinvested the cash into his next luxury targets: Mot Hennessy and Louis Vuitton, two iconic French companies that merged into LVMH in 1987. The firm seeks to hold stake in companies and is owned and controlled by Mr. Bernard Arnault. In 2020, a New York Times article about the Tiffany acquisitionand Arnaults legendary ability to come out ahead in every dealquoted a luxury executive, who said, His approach is not unusual in the M&A gameits just unusual in this industry. [41] Subsequently, Tiffany filed suit against LVMH, asking the court to compel the purchase or to assess damages against the defendant; LVMH planned to counter sue, alleging that mismanagement had invalidated the purchase agreement. The families would like to keep Herms as a family-run business. 09/01/2023. Success of the Renault Group shareholding plan. We also use third-party cookies that help us analyze and understand how you use this website. Requesting Belgian nationality was to better protect the foundation that I created with the sole purpose of ensuring the continuity and integrity of the LVMH group if I were to disappear. [25], In 2008, he entered the yacht business and bought Princess Yachts for 253 million euros. [37] In April 2017, Arnault announced the acquisition of Christian Dior haute couture, leather, both men and women's ready-to-wear, and footwear lines, which integrated the entire Christian Dior brand within LVMH. He began his professional career that year as an engineer with the Ferret-Savinel construction company and successively was promoted to various executive management positions before becoming Chairman in 1978. [75] Arnault also stated several employees requested to leave France for tax purposes but he declined their requests, explaining "the 75% tax would not raise a lot of revenue but should prove less divisive, as now it was set to be levied on firms rather than people, and only due to stay in place for two years. Bloomberg Billionaires Index. [9] On 13 January 1989, he was unanimously elected chairman of the executive management board. As he had done at Dior, he canceled licensing deals that he saw as damaging the branda strategy that became part of the Arnault playbook on dozens of luxury acquisitions over the next 30 years. Arnault began his career in 1971, at Ferret-Savinel, and was its president from 1978 to 1984. [32] The transaction was worth $5.2 billion. Katrina vila Munichiello is an experienced editor, writer, fact-checker, and proofreader with more than fourteen years of experience working with print and online publications. LinkedIn sets this cookie to store performed actions on the website. Since the merger, there had been constant feuding and legal battles between Racamier and Chevalierwhich became the opening Arnault needed. [18] In 1996, Arnault bought out Loewe,[19] followed by Marc Jacobs and Sephora in 1997. In his first role out of university, Arnault displayed the boldness and business acumen that would later make him famousincluding persuading his father to sell off the construction business and ramp up investment in real estate. Arnault was educated at the Lyce Maxence Van Der Meersch in Roubaix, and the Lyce Faidherbe in Lille. In 1994, LVMH acquired the perfume firm Guerlain. On the creative end, as Arnault built LVMH into a luxury empire, he has proven himself an expert at hiring design talent for star brands that speak to the ages but feel intensely modern. However, because his model requires that the counterbalance to creativity must be commerce, he never hesitated to reign in, or outright terminate, creative executives who did not produce. In July 1988, Arnault acquired Cline. The venture was found in Europe in France. He is a member of the LVMH Executive Committee. Im Ranking der reichsten Menschen der Welt gibt es eine "neue" Nummer eins: Tesla-Chef Elon Musk hat sich den ersten Platz von LVMH-Chef Bernard Arnault zurckerobert. This cookie is set by Facebook to display advertisements when either on Facebook or on a digital platform powered by Facebook advertising, after visiting the website. A spokeswoman for L Capital confirmed . These include white papers, government data, original reporting, and interviews with industry experts. Tontine; History and Possible Resurgence of Controversial Insurance, Amancio Ortega: Chairman of Zara, Richest Person in Spain, The $100 Billion Man: How Bernard Arnault Stitched Together the Worlds Third Biggest Fortune, Bernard Arnault, Chairman and Chief Executive Officer, LVMH Surges as Shoppers Snapping Up Couture Lift Sales to Record, Bernard Arnault: Frances Wolf-in-Cashmere Billionaire, Bernard Arnault: I Always Liked Being Number One, Arnault Family to Take Full Control of Christian Dior in $13 Billion Deal, The Perfect Paradox of Star Brands: An Interview with Bernard Arnault of LVMH, 100 Great Business Leaders: Bernard Arnault, The World's Ten Most Powerful Luxury Brands2011 Edition, The Story of How Givenchy Ended up Under the Umbrella of LVMH, Louis Vuitton Rises, Gucci Slips in Brand-Valuation Study, Luxury Giant LVMH to Buy Tiffany for $16.2 Billion, Tiffany Deal Is a Signature Move by the Sun Tzu of Luxury, Vuitton Plans a Gehry-Designed Arts Center in Paris, LVMH Announces Launch of New Luxury Maison by Rihanna. Bernard Arnault's wealth is around $203 billion. You also have the option to opt-out of these cookies. Arnault's group is the third-largest shareholder of Carrefour, behind the Moulin family and Peninsula, Diniz's investment group, which held a 7.61% stake as of Dec. 31, 2019.. Our Group has backed Airbnb, Lyft, Netflix, Slack, or Spotify and many others. L Catterton is a U.S.-headquartered private equity firm. LinkedIn sets this cookie to remember a user's language setting. 04. An industry insider explained Arnaults tactics as an approach that is "not unusual in the M&A gameits just unusual in this industryhe acquires brands the Wall Street way.". The investment arm of family-controlled LVMH and Groupe Arnault has purchased a stake in Trendy International Group, as it looks to increase its exposure to China. The Life and Career of Bernard Arnault., The Financial Times. Visionary Entrepreneur or Wolf in Cashmere? Groupe Arnault has had 18 exits. This category only includes cookies that ensures basic functionalities and security features of the website. Groupe Arnault is the family holding company of LVMH's CEO Bernard Arnault and the controlling shareholder in LVMH. The 2019 Financial Times article also cited "first-mover advantage" as a driver of Arnaults remarkable track record, notably in China, where (he) is given a head of states welcome when he visits. The first Louis Vuitton in mainland China opened in Beijing in the basement of the Palace Hotel in 1992, just as market-economy reforms were kicking offand there was no hot water in the hotel and bicycles instead of cars on the roads, according to Arnault. Under Arnaults leadership, LVMH owned or had a stake in five of the luxury industrys ten most valuable brands by 2011, according to the Millward Brown Optimor BrandZ study that year. Vimcar is a software startup that provides fleet management solutions for small and medium businesses. 6. Arnault has his hands in a lot of different things besides LVMH. It is mandatory to procure user consent prior to running these cookies on your website. These mass layoffs earned him the nickname Terminatorbut admirers congratulated him for leapfrogging from his family's $15 million-a-year business to a company 20 times as large. By the time Racamier realized that his ally had his own ambitions, Arnault had enlisted Lazard Frres, the U.K. liquor giant Guinness, and both the Mot Chandon and the Hennessy families to help him secure a 45% controlling interest in LVMH. Renault-Nissan-Mitsubishi Alliance open a new chapter for their partnership. Today, Bernard Arnault has an estimated net worth of 185.8 billion. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Kering Puma Christie's Artemis . Through LVMH, Arnault also has investments in French newspapers Le Parisien and Les Echos, the Radio Classique station, plus the financial weekly Investir and magazine Connaissance des Arts.. [44] In late October 2020, Tiffany and LVMH agreed to the original takeover plan, though at a slightly reduced price of nearly $16 billion, a minor reduction of 2.6% from the aforementioned deal. LVMH chief Bernard Arnault holds more than two dozen Luxembourg-based entities with $1.6 billion in private investments as of December 2020. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. These cookies do not store any personal information. This cookie is installed by Google Analytics. We retain our right to delete any comment or any other content of the website at ourwill in case we know or suppose such content is illegal or breaches any lawful right. Racamier and Chevalierwhich became the opening Arnault needed holds more than two dozen entities. 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