Bernard Arnault is a French businessman, investor, and art collector. He is the chairman and CEO of LVMH Moet Hennessy Louis Vuitton SE, the world’s biggest luxury goods firm. He is the third-richest individual in the world, with an estimated net worth of US$178.4 billion as of 19th September 2021. He temporarily eclipsed Jeff Bezos as the world’s wealthiest man. Bernard was on the board of advisors of “1Malaysia Development Berhad” from 2010 to 2013. Awarded “Commandeur de la Legion d’Honneur” in 2007 and “Grand Officier de la Legion d’Honneur” in 2011.
- An art collector and French businessman.
- As CEO of LVMH, the world’s biggest luxury goods corporation.
Bernard Arnault’s origins
Bernard Jean Etienne Arnault was born on March 5, 1949 in Roubaix, France. He is French and of French-white ethnicity. He is also a Christian. Bernard was 72 in 2021, and his zodiac sign is Pisces. So he’s white. His mother, Marie-Josephe Savinel, admired Dior. His father, Jean Leon Arnault, founded Ferret-Savinel, a civil engineering firm. Dominique Watine-Arnault is his only sibling.
Bernard attended the Lycee Maxence Van Der Meersch in Roubaix and the Lycee Faidherbe in Lille. In 1971, he graduated from France’s top engineering school, Ecole Polytechnique, and joined his father’s firm.
Bernard Arnault’s Career
Bernard Arnault began his career in 1971 at Ferret-Savinel, where he was president from 1978 to 1984 before becoming CEO of Financiere Agache and winning the Boussac Saint-Freres bid battle. By 1987, the corporation was profitable again, earning $112 million on $1.9 billion in sales.
After putting up $1.5 billion to construct a holding company with Guinness that controlled 24% of LVMH, he paid $600 million to purchase another 13.5 percent, becoming him the business’s biggest stakeholder.
In January 1989, he paid another $500 million to acquire 43.5 percent of LVMH’s shares and 35% of its voting rights and was overwhelmingly elected chairman of the executive management board on January 13th.
Puis he guided the firm through an ambitious growth strategy, making it one of the world’s biggest luxury conglomerates, alongside Richemont and Kering. In 11 years, LVMH’s yearly sales and profit soared by 5 times, while its market value increased by 15.
On March 7, 2011, he declared his intention to launch a tender offer for the remaining publicly held shares of Italian jeweler Bulgari. It was a $5.2 billion deal.
In 2011, he invested $640 million in LCapitalAsia, and in February 2014, he formed a joint venture with Italian fashion company Marco De Vincenzo, owning a minority 45 percent ownership.
Arnault intended to buy Tiffany & Co. for $16.2 billion in November 2019 and conclude the purchase in June 2020.
In September 2020, LVMH said the sale was “invalid” due to Tiffany’s management of the firm during the COVID-19 outbreak.
Tiffany then sued LVMH, claiming mismanagement had nullified the acquisition agreement.
Tiffany was paying millions in dividends to stockholders despite a financial loss of US$32 million during the epidemic, a trustworthy source revealed “Forbes” in mid-September 2020.
In a statement, LMVH criticized Tiffany’s mismanagement throughout the epidemic and said it was “burning funds and reporting losses.”
In late October 2020, Tiffany and LVMH agreed on a revised arrangement that decreased the price per share paid by LVMH from $135 to $131.50. LVMH bought Tiffany in January 2021.
LVMH’s market capitalization reached 313 billion euros ($382 billion) in May 2021, a record for the Eurozone.
On May 24, 2021, Bernard became the world’s wealthiest man, surpassing Jeff Bezos’ net worth of 187.3 billion dollars.
From 2010 to 2013, he served on the Malaysian 1MDB fund’s Board of Advisors.
Bernard’s art collection includes works by Picasso, Yves Klein, Henry Moore, and Andy Warhol, and he helped establish LVMH as a significant art patron in France.
From 1999 to 2003, he controlled Phillips de Pury & Company and started the Louis Vuitton Foundation in 2006. Grand inauguration of the Paris Acclimatation Garden Foundation on October 20, 2014.
- Commandeur de l’honneur (10th February 2007)
- Grand Officier of the LEgion (14th July 2011)
- Woodrow Wilson Global Corporate Citizenship Award (2011)
- Honorary Knight Commander of the British Empire (2012)
- The David Rockefeller Award at MOMA (March 2014)
Bernard Arnault’s Relationship Status
Bernard Arnault is married. Helene Mercier he married in 1991. Mercier is a pianist from Canada. Alexandre, Frederic, and Jean Arnault and Mercier now reside in Paris. Bernard has two children with Anne Dewavrin, Delphine and Antoine. They split in 1990. Delphine, Antoine, Alexandre, and Frederic, together with his niece Stephanie Watine Arnault, all have formal positions in Arnault-controlled brands. Delphine Arnault is married to Xavier Niel, a French millionaire in the telecommunications and technology industries. Bernard is a straight man.
Bernard Arnault’s Net Worth
Arnault is a great man with a $173.4 billion net worth in 2021. Bernard Arnault’s total remuneration at LVMH Moet Hennessy Louis Vuitton SE is $3,470,000. In December 2019, Arnault momentarily eclipsed Jeff Bezos as the world’s wealthiest man. In January 2020, he briefly became the world’s wealthiest person, then again in August 2021. Forbes estimates his net worth at $181 billion. During the COVID-19 epidemic, Bernard lost $30 billion in sales of luxury products. On August 5, 2021, he recovered the title of world’s richest man, with a net worth of $198.4 billion. It was also sold in late 2015, his 70 m (230 ft) research vessel Amadeus. Symphony, his current yacht, was constructed in the Netherlands by Feadship. Bernard also earns a living as a businessman, investor, and art collector.
Bernard Arnault’s Body Measurements
Bernard Arnault stands at 185.5 cm and weighs 78 kg (172 lbs). He has nice gray hair and blue eyes. His short, side-parted hair and clean-shaven appearance have drawn many admirers. Bernard’s physique is also ordinary.
Do you Know?
- Bernard earned an engineering degree from Ecole Polytechnique in 1971.
- He has five kids from two marriages.
- He runs LVMH, the world’s biggest luxury goods corporation.
- In 2013, Arnault said he was contemplating relocating to Belgium and applying for Belgian citizenship.
- On April 10, 2013, Arnault stated he had withdrawn his Belgian citizenship application.