Who Is Bernard Arnault And How Did He Come To Control The World’s Third-Largest Fortune ($150 billion)?

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Once you consider the richest folks on the earth, most individuals shortly title Invoice Gates, Jeff Bezos, Elon Musk, and Mark Zuckerberg. I guess most individuals would go away off Bernard Arnault. That is unusual as a result of not solely is Bernard the richest particular person in Europe, he’s the THIRD richest particular person on the planet.

Bernard’s present internet price of $150 billion places him behind solely Elon Musk ($190 billion) and Jeff Bezos ($196 billion). He is $1 billion richer than Invoice Gates as of this writing.

Since January 1, 2021, Bernard’s internet price has elevated $33 billion. That is the most important year-to-date internet price achieve out of any particular person on the earth.

So who’s Bernard Arnault and the way did he come to manage the world’s third-largest fortune?

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Bernard Arnault is the CEO of the luxurious items conglomerate LVMH. Arnault and his rapid household personal greater than 47% of LVMH, which is the world’s largest maker of luxurious goods and presently has a market cap of $378 billion.

LVMH is made up of roughly 70 manufacturers, notably Louis Vuitton, Christian Dior, Moët Hennessey, and Dom Perignon. Arnault has been the chairman and CEO of LVMH since 1989.

Bernard Arnault was born in 1949. He grew up within the northern French city of Roubaix. His household owned a profitable building enterprise.

He attended Ecole Polytechnique, the place he studied engineering. The college is sort of prestigious. Three former presidents of France and three Nobel Prize winners are alumni. After graduating,  Arnault labored on the household’s building firm for a number of years.

He married Anne Dewavrin in 1973. They’d two youngsters, Delphine and Antoine. They divorced in 1990. He married Canadian live performance pianist Helene Mercier in 1991. They’ve three youngsters, Alexandre, Frederic, and Jean.

In 1978, Arnault grew to become president of the household enterprise. He quickly started steering the household enterprise away from building and in the direction of actual property.

In 1984, Arnault acquired the luxurious items holding firm Financier Agache. That very same yr he additionally took over textile firm Boussac Saint-Freres. Boussac owned many manufacturers and shops, together with the luxurious model Christian Dior and the division retailer Le Bon Marche. Arnault bought all of the Boussac property besides these final two.

In 1987, Arnault introduced all of the manufacturers collectively beneath one umbrella firm which he named LVMH for the reason that formation actually occurred after merging the luxurious trend home Louis Vuitton with alcohol firm Moët Hennessey.

Beneath Arnault, LVMH underwent large progress. Though the conglomerate owns numerous manufacturers, Arnault has continued to advertise an method that decentralizes the manufacturers, which helps them to be considered as impartial manufacturers and corporations with their very own histories and tales. Among the different manufacturers beneath LVMH acquired between 1988 and 2001 embrace Céline, Berluti, Kenzo, Guerlain, Loewe, Marc Jacobs, Sephora, Thomas Pink, Emilio Pucci, and Fendi.

By way of his holding firm Europatweb he invested in a number of web corporations, together with Boo.com, Libertysurg, and Zebank. By way of his funding agency, Groupe Arnault, he invested in Netflix in 1999. Arnault owns a reported 10.69% of France’s largest grocery store retailer, Carrefour. Carrefour is the second-largest meal distributor on the earth.

Along with his Paris residence and trip dwelling in Saint-Tropez, Arnault has spent almost $100 million on residential properties in Los Angeles’s Beverly Hills, Trousdale Estates, and Hollywood Hills neighborhoods.

Arnault has constructed LVMH into the world’s largest luxurious items conglomerate, incomes the nickname “the wolf within the cashmere coat” alongside the way in which.

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