Net Worth: $164 Billion
Date of Birth: Mar 5, 1949 (72 years old)
Profession: Businessperson, Business magnate
Last Updated: 2021
Bernard Arnault Net Worth and Salary:
The net worth of French billionaire Bernard Arnault is $165 billion dollars. According to his net worth, he is the world’s third-richest person after Elon Musk and Jeff Bezos. The world’s biggest luxury goods company, LVMH, is led by him.
The man was born on March 5, 1949, in Roubaix. Jean Léon Arnault graduated from École Centrale Paris and was a manufacturer. He was born to Marie-Josèphe Savinel, daughter of Étienne Savinel, owner of Ferret-Savinel. In 1971, Bernard graduated from the École Polytechnique, one of the top engineering schools in France.
Arnault began working at Ferret-Savinel (formerly owned by his maternal grandfather) after graduating in 1971. In 1978, he was named president of the company, and he remained in that position until 1984. During his time at Ferret-Savinel, he helped steer the company away from construction and toward real estate, which would prove a successful business decision.
He then acquired Financiere Agache, a luxury goods company, in 1984, with the help of Antoine Bernheim. Then he took over the textile company Boussac Saint-Freres, and then became the CEO of Financiere Agache.
Thanks to his shrewd business sense, Arnault found himself more successful than ever in 1987 when he founded LVMH. In 1987, Louis Vuitton and Moet Hennessy merged to form the conglomerate. A holding company formed with Guinness, for a $1.5 billion contribution, captured 24% of shares in LVMH in July 1988.
The LVMH group is rumored to be planning to buy up LVMH stock to form a “blocking minority,” so In order to prevent that from happening, Arnault has acquired another $1.85 billion worth of LVMH stock in a preemptive deal. As a result, he became LVMH’s largest shareholder.
In January 1989, he invested even more money, $500 million this time, to buy even more shares. His holdings of LVMH shares were 43.5%, and his voting rights were 35% of the shares. By using his influence, he blocked LVMH’s dismantling and transformed the conglomerate into one of the world’s largest luxury groups.
Arnault’s hands are in many different pies besides LVMH. During 1998 and 2001, Europatweb, his holding company, invested in Boo.com, Libertysurg, and Zebank. He invested in Netflix in 1999 through his investment firm Groupe Arnault.
The company announced in 2007 that Arnault owns 10.69 percent of Carrefour along with Colony Capital. France’s largest supermarket retailer, Carrefour, is the world’s second-largest distributor of food products. The business of yachts has also been his passion. Princess Yachts was purchased by him in 2008 for €253 million. For nearly the same sum of money, he obtained control of Royal van Lent.
However, Arnold is not just interested in business – he also collects art. Arnault sponsored artistic exhibits in France that featured Picasso and Warhol, among others who are recognized globally.
He married Anne Dewavrin in 1973; In 1990 the couple gets separated. They share two children together. He married the Canadian concert pianist Hélène Mercier in 1990. Together they shared three children.
Bernard Arnault Net Worth Details:
Christian Dior, in which his family holds a 73 percent stake, has made most of Arnault’s fortune. In addition to owning 41 percent of LVMH, Christian Dior is the family’s direct stakeholder in it with a 5.7 percent stake. Additionally, he owns 8.4% of Hermes and shares in Carrefour.
Cheval Blanc’s stake was sold to LVMH in 2009 for 238 million euros. The revenue of LVMH in 2016 was $41.6 billion. The net worth of Bernard Arnault topped $100 billion for the first time in June 2019. His assets at that point put him third in the world’s wealth list.
Citation Information :
Article Title: Bernard Arnault Biography
Author: odishapaper.com Editors
Website Name: odishapaper.com
Access Date: September 24, 2021