What is Bernard Arnault’s Net Worth? Bernard Arnault is the third-richest man in the world and is a businessman, French investor, and collector of art. He is currently the chief executive and the Chairman of LVMH Moët Hennessy – Louis Vuitton SE, which according to the trusted sources, is one of the prime and largest goods companies for luxury. Arnault initiated his professional career working as an engineer with a construction company named Ferret-Savinel. He was born in Roubaix, France, in 1940 and had five children.
He continued the path and was gradually promoted to several positions in management and eventually became Chairman in 1978. The billionaire then stayed associated with the company until 1984. He took control of the reorganization of the Financière Agache holding company. Bernard returned the profits earned from the company and then planned a strategy to build the company for luxury products. He is the President of the Board of Directors of his family holding company named Groupe Arnault S.E.
How was the Early life of Bernard Arnault?
Bernard Arnault was born in May 1949 and is a resident of Roubaix, which is located on the northern side of France. He has a degree in engineering from Ecole Polytechnique that is situated in Paris. Bernard Arnault, after graduation, indulged in the family company. He was the person who put forward the idea of real estate and convinced his father to quit their construction business. Bernard Arnault entered the business for luxury goods back in the year 1984. The initial step was when he took a textile group that was almost bankrupt, and that particular company had Christian Dior.
LVMH: Most valuable luxury goods conglomerate in the world. Arnault sold all of the company businesses and then took a major or a controlling stake in LVMH. His other stakes were incorporated in Fendi, TAG Heuer, and Bulgari. In September 1984, LVMH came to terms with it. They gave up their stake that was worth 23 percent in Hemes to its shareholders. This negotiation marked the end of a battle of four years to attain control of the label. Bernard Arnault has a major stake in the luxury label until July 2017, when he eventually sold his share as a humongous deal of a whopping $13.2 billion deal.
What is Bernard Arnault’s Net Worth?
Bernard Arnault is estimated to have a net worth of $161 Billion. And a major portion of Arnault’s fortune is due to his stake in a luxury fashion group named Christian Dior, which is a whopping 97.5% stake. The shares are held via the association with Groupe Familial Arnault entities. According to some latest reports, Arnault was credited with all the shares that were incorporated by the family holding company in Dior. These credits identified his status as being a founder.
According to some of the recent reports that surfaced, Christian Dior has a hold of 41.2% of LVMH. The family has an additional hold of 6.2% of LVMH. According to the reports, and these shares are also incorporated in the calculation of the net worth. The billionaire also has a stake in Carrefour, which is said to be 5.6%, and a stake in Hermes, whose value is unknown.
Details about Arnault’s Personal Life
Bernard Arnault married Anne Dewavrin in the year 1973. They had two children with her named Delphine and Antoine. Arnault currently resides in the Left Bank of Paris along with his second wife, Helene Mercier, who happens to be a Canadian concert pianist. The couple has three children together named together having three children, Alexandre, Frédéric, and Jean. Four of Arnault’s five children have some role in brands that is under Arnault, along with his niece named Stephanie Watine Arnault. As of 2010, Bernard Arnault is the father-in-law of Xavier Niel, who is also a businessman in the technology and telecommunication sector and is married to Arnault’s daughter Delphine.
Bernard Arnault is also fond of art and has a collection of painting both modern and contemporary paintings. Some of his art pieces include Pablo Picasso, Jean-Michel Basquiat, Damien Hirst, and many more. In 2012, Bernard Arnault’s take on France’s policy on taxation caught an eye when it was revealed that the billionaire was planning to become a citizen of Belgium. However, Arnault stated that he wanted to pay taxes in France. His take on the whole criteria for the debate was to safeguard the foundation that he established from his business and to protect his assets and finances. In April 2013, he withdrew the application as a gesture that he has faith in the future of France.