Bernard Arnault: The Rise Of The Fashion Empire

French billionaire Bernard Arnault just joined the world's most exclusive club. Only he, Jeff Bezos, and Bill Gates are members. The key to entrance? Oh, just have a net worth of at least $100 billion. Arnault is not just the richest person in France; he is the richest person in Europe. He is the chairman and CEO of LVMH Moet Hennessy Louis Vuitton SE, known as LVMH. The company is the world's largest maker of luxury goods, comprising 70 companies including Louis Vuitton, Christian Dior, Dom Perignon, and others.

Arnault's influence in the fashion industry is immense. He lives in Paris and has a vacation home on the French Riviera. His commitment to cultural heritage was evident when he made headlines in April after pledging more than $450 million towards the repair of Notre-Dame following the devastating fire that ravaged the historic church. This act not only highlights his wealth but also his dedication to preserving history.

Since 1989, Arnault has been at the helm of LVMH, steering it to unprecedented heights. The company remains a family business, with four of his five children working in various capacities within LVMH or one of its brands. Arnault owns a 96.5% stake in Christian Dior, and LVMH achieved over $53 billion in revenue in 2018 alone, showcasing the brand's global dominance in luxury goods.

Biography of Bernard Arnault

Arnault grew up in Roubaix, a town in northern France. He studied engineering at the prestigious Ecole Polytechnique, an institution that has produced three former presidents of France and three Nobel Prize winners. After graduating, he worked for his father's construction company before transitioning into the luxury goods sector. In 1984, he became CEO of Financier Agache, a holding company for luxury goods.

In 1973, he married Anne Dewavrin, and they had two children: Delphine and Antoine. Their marriage ended in 1990. Arnault then married Canadian concert pianist Helene Mercier in 1991, with whom he has three children: Alexandre, Frederic, and Jean. His family involvement in LVMH adds a personal touch to the empire he has built.

Delphine Arnault worked for McKinsey & Co. before joining LVMH and is now executive vice president at Louis Vuitton. She made headlines in 2019 as the youngest member of LVMH's executive committee at 43. Antoine is the CEO of Berluti and chairman of Loro Piana, while Alexandre leads Rimowa, a German luggage brand under LVMH. Frederic is the strategy and digital director at TAG Heuer, and Jean, the youngest, is yet to join the family business.

Arnault owns multiple residences, including a lavish Paris home and a vacation property in Saint-Tropez, and has invested nearly $97 million in real estate across Los Angeles. These properties reflect his status and lifestyle, further solidifying his place among the elite.

Under Arnault's leadership, LVMH has grown into the world's largest luxury goods conglomerate, earning him the nickname "the wolf in the cashmere coat." His wealth continues to rise at an astonishing rate, highlighted by a $4.3 billion gain in a single day after LVMH shares surged. In June, he became the third person globally to surpass a net worth of $100 billion, joining the ranks of Bezos and Gates, although his empire is rooted in luxury, not technology.