Bernard Arnault

Bernard Jean Étienne Arnault, the French businessman, investor, and art collector, was born on March 5, 1949, in Roubaix. He is known for being the founder, chairman, and CEO of LVMH, the world's largest luxury goods company.

In 1971, Bernard Arnault graduated from École Polytechnique, France's leading engineering school. This educational background laid the foundation for his future career in business and entrepreneurship.

In 1973, Bernard Arnault married Anne Dewavrin, with whom he had two children, Delphine and Antoine.

In 1974, Bernard Arnault was appointed as a director of the Férinel company, a new venture that initially focused on developing specialty holiday accommodations.

In 1976, Bernard Arnault convinced his father to liquidate the construction division of the company for 40 million French francs and shift focus to real estate.

Bernard Arnault took on the role of chief executive of the Férinel company in 1977, further solidifying his position within the organization.

In 1979, Bernard Arnault succeeded his father as the president of the Férinel company, marking a significant milestone in his career.

In 1984, Bernard Arnault seized the opportunity to purchase Christian Dior after learning that its parent company Boussac was in bankruptcy. He combined funds from his family and a financial institution to acquire Boussac, marking the beginning of his journey to establish LVMH.

In 1985, Bernard Arnault held the position of Chief Executive at Agache-Willot Group in Paris, France.

Bernard Arnault formed LVMH in 1987, which controls more than 60 luxury brands including Louis Vuitton, Christian Dior, Givenchy, and Celine. The conglomerate has a significant impact on the fashion industry due to its extensive acquisitions and profitability.

On January 13, 1989, Bernard Arnault was unanimously elected chairman of the executive management board of LVMH.

In 1990, Arnault embarked on a spree to gain control of Louis Vuitton Moet Hennessey, a renowned fashion and spirits company. This strategic move further solidified his position in the luxury market and marked the beginning of his expansion into the high-end fashion industry.

In 1991, Bernard Arnault married Hélène Mercier, a Canadian concert pianist, with whom he has three sons: Alexandre, Frédéric, and Jean.

Bernard Arnault earned the nickname 'a wolf in cashmere' over the years for his aggressive acquisition strategies, including acquiring Givenchy, Guerlain, and Marc Jacobs.

In 1995, Bernard Arnault appointed John Galliano as the head designer at Christian Dior, marking a significant moment in the revitalization of French couture under his leadership.

In 1997, Bernard Arnault made his first appearance on the annual Forbes billionaire list, eight years after gaining control of LVMH. His estimated fortune at the time was reported to be $3.6 billion.

In 1998, Arnault, along with businessman Albert Frère, bought Château Cheval Blanc in a personal capacity. LVMH later acquired Arnault's share in 2009 to add to the group's wine properties.

On January 6, 1999, it was revealed that LVMH had purchased a 5 percent stake in Gucci. LVMH chairman Bernard Arnault claimed it was a passive investment with no intention of taking over Gucci.

By January 26, 1999, LVMH had raised its stake in Gucci to 34.4 percent, showing a significant interest in the luxury fashion brand.

In 2003, Bernard Arnault acquired the Italian luxury fashion house Fendi, expanding his portfolio of luxury brands.

In 2005, LVMH experienced a significant increase in net income, rising by 80 percent compared to 2002. This rise in income contributed to Arnault's personal fortune exceeding $20 billion for the first time.

In 2006, Bernard Arnault initiated the construction of the Louis Vuitton Foundation, a building dedicated to creation and contemporary art, designed by architect Frank Gehry.

In 2007, Bernard Arnault was honored with the title of Commander of the Legion of Honour, one of France's most prestigious distinctions.

In 2008, Arnault established Protectinvest, a foundation aimed at safeguarding the integrity of the LVMH group until 2023, restricting his children's ability to sell shares in Pilinvest.

In 2010, Groupe Arnault, the holding company of LVMH's CEO Bernard Arnault, purchased Moynat, a 19th-century trunk-maker older than Louis Vuitton.

On 7 March 2011, Bernard Arnault announced the acquisition of 50.4% of family-owned shares of the Italian jeweler Bulgari, with a transaction worth $5.2 billion.

By 2012, Bernard Arnault's wealth remained stable at around $41 billion. He was recognized as the fourth richest person globally and the wealthiest individual in France during that year.

In April 2013, Bernard Arnault revealed plans to seek Belgian citizenship but later retracted the application, emphasizing his commitment to France and the LVMH group's continuity.

The grand opening of the Louis Vuitton Foundation, located at Jardin d'Acclimatation Paris, took place on October 20, 2014.

In 2016, Bernard Arnault received a salary of €7.8 million for his role as the CEO of the LVMH group.

In April 2017, Bernard Arnault announced the acquisition of Christian Dior haute couture, leather, both men's and women's ready-to-wear, and footwear lines, integrating the entire Christian Dior brand within LVMH.

In 2018, Bernard Arnault experienced a significant increase in his net worth, reaching $72 billion. This surge in wealth propelled him to the fourth spot on the Forbes ranking, making him the world's fourth richest person and Europe's wealthiest individual.

In July 2019, Bernard Arnault's net worth peaked at $107 billion, temporarily surpassing that of Bill Gates. This made him the second wealthiest person in the world for a brief period.

In November 2019, Bernard Arnault announced plans to acquire Tiffany & Co. for approximately US $16.2 billion.

In September 2020, LVMH initially canceled the acquisition of Tiffany & Co. due to financial concerns during the pandemic. However, after legal disputes, a slightly reduced deal was agreed upon, and the purchase was completed in January 2021.

In October 2020, Bernard Arnault closed the acquisition deal of Tiffany to integrate it into LVMH, expanding his luxury group.

On August 5, 2021, Bernard Arnault regained the status of the wealthiest person globally, with a net worth of $198.4 billion, driven by surging luxury goods sales in Asia.

In May, Bernard Arnault faced a significant financial setback as he lost $11 billion in a single day due to a drop in LVMH shares.

In July 2022, Bernard Arnault suggested a reorganization of his holding company Agache to provide equal stakes to his five children who all work at LVMH.

Bernard Arnault's net worth has been experiencing fluctuations due to changing share prices, regional demand, and valuation methods. Recently, his fortune has even surpassed that of technology billionaires who have traditionally held top spots on global billionaire lists.

As of February 2024, Bernard Arnault holds the position of the third-wealthiest person worldwide, with a net worth of approximately US$196 billion, nearly equivalent to Jeff Bezos.