Bernard Arnault Net Worth in 2019
Bernard Arnault Net Worth: How rich is Bernard Arnault? & How much money is Bernard Arnault worth? Time to find out!
Businessman, CEO, Entrepreneur
March 5, 1949
Bernard Jean Étienne Arnault (born 5 March 1949) is a French billionaire business magnate and art collector. Arnault is the chairman and chief executive of LVMH Moët Hennessy – Louis Vuitton SE, LVMH, the world's largest luxury-goods company. He is the richest person in Europe and the third-richest person in the world, with a net worth of $106.6 billion, as of November 2019. In April 2018, he became the richest person in fashion, topping Zara's Amancio Ortega.
Bernard Arnault is currently one of the richest people in the world with a net worth of $107.6 Billion. He is the CEO of LVMH which stands for Louis Vuitton Moet Hennessy. He is a French business magnate, investor and art collector and currently the richest man in fashion. His net worth increased by close to 40 billion dollars since 2017, because of strategic acquisitions of multiple luxury fashion houses such as Christian Dior. In 2019 alone his personal wealth increased by 39 billion dollars.
His father made a small fortune in construction; Arnault put up $15 million from that business to buy Christian Dior in 1985.LVMH was created in 1987 and one year later Bernard Arnault silently acquired a majority stake in the company. With a clear vision for what a luxury brand should be, he leveraged the heritage of the brands he continued to acquire in order to get to where he is today.
In 1987, shortly after the creation of LVMH, the brand new luxury group resulting from the merger between two companies, Arnault mediated a conflict between Alain Chevalier, Moët Hennessy's CEO, and Henri Racamier, president of Louis Vuitton. The new group held property rights to Dior perfumes that Arnault believed should be incorporated into Dior Couture.
In July 1988, Arnault provided $1.5 billion to form a holding company with Guinness that held 24% of LVMH's shares. In response to rumors that the Louis Vuitton group was buying LVMH's stock to form a "blocking minority", Arnault spent $600 million to buy 13.5% more of LVMH, making him LVMH's largest shareholder. In January 1989, he spent another $500 million to gain control of a total of 43.5% of LVMH's shares and 35% of its voting rights, thus reaching the "blocking minority" that he needed to stop the dismantlement of the LVMH group. On 13 January 1989, he was unanimously elected chairman of the executive management board.
Since then, Arnault has led the company through an ambitious development plan, transforming it into one of the largest luxury groups in the world, alongside Swiss luxury giant Richemont and French-based Kering. In eleven years, the sales and profit rose by a factor of 5, and the market value of LVMH multiplied by 15. He promoted decisions towards decentralizing the group's brands. As a result of these measures, the brands are now viewed as independent firms with their own history.
”What I love is to win. What I love is being number one.”
”I see myself as an ambassador of French heritage and French culture. What we create is emblematic. It’s linked to Versailles, to Marie Antoinette.”