Bernard Arnault Net Worth: French business tycoon and investor Bernard Arnault is now the wealthiest person in France and a global elite investor. Since 1989, he has held the positions of Chairman and Chief Executive Officer at LVMH Mot Hennessy Louis Vuitton Company, as well as being the company’s largest stakeholder.
The son of a successful businessman, Arnault inherited his father’s keen business sense. The young guy began working for his father’s civil engineering firm as an engineer soon after he graduated from college, and he immediately began making plans for the business’s future expansion.
He persuaded his father to shift the company’s focus to the thriving real estate industry, and the move paid off handsomely. He began to expand his empire through mergers and acquisitions, eventually gaining control of such well-known brands as Christian Dior and Le Bon Marché.
People are curious to know about Bernard Arnault Net Worth, early life, career, and personal life. If you are interested to know, stay with us until the end of the article.
Bernard Arnault Net Worth
Bernard Arnault net worth is around $172 billion as of this writing. He has earned his wealth as a businessman and the largest luxury goods firm in the world. Bernard Arnault net worth was most surprising for the people who are more curious. Due to his huge wealth, he also comes into the world’s richest person list.
Bernard Arnault Early Life
On March 5, 1949, in Roubaix, France, Bernard Jean Étienne Arnault entered the world. Jean Léon Arnault Sr. was an industrialist and École Centrale Paris alum. His father, Étienne Savinel, ran the civil engineering firm Ferret-Savinel, and his mother, Marie-Josèphe Savinel, was his daughter.
In 1950, Savinel granted his son-in-law Jean Léon Arnault (Bernard’s father) control of Ferret-Savinel and eventually gave him ownership. In 1971, Bernard earned his degree from the École Polytechnique, the best engineering school in France. You can also read Bill Belichick Net Worth.
Bernard Arnault Career
Soon after finishing university, he went to work for his father’s firm. In 1976, he convinced his father to liquidate the building portion of the firm and invest the earnings in a more lucrative industry, and he then began making plans for the company’s expansion and growth.
Following the sale of the construction division, the Arnault family re-invested their 40 million French francs windfall into the burgeoning real estate market of the time. The company rebranded as Ferinel excels in the vacation rental industry.
In 1974, Bernard Arnault was promoted to the position of director of corporate development, and in 1977 he was promoted to the position of chief executive officer. In 1979, he took over as the company’s president from his father.
In 1981, when the French Socialists took office, they forced Arnault to flee with his family to the United States. He was such a savvy businessman that he also found success in Palm Beach, Florida, where he built condominiums. Eventually, he established a presence for the family real estate firm in the United States.
He saw a shift in the political climate of his home France in 1983. Arnault chose to return to France when the Socialist Party there adopted a more conservative economic policy.
When Boussac Saint-Frères, a textile company, fell under, the entrepreneurial businessman recognized a golden opportunity.
In addition to Christian Dior, the textile empire included a number of other fashion houses. Arnault’s acquisition of Boussac was financed through a partnership with Lazard Fréres’ managing partner, Antoine Bernheim. You may be interested in Antonio Banderas Net Worth.
According to reports, Arnault put up $15 million of his own money and Bernheim helped him fund the other $80 million to buy Boussac Saint-Frères. In the wake of this purchase, Arnault liquidated much of the business, keeping just the Christian Dior label and the Le Bon Marché department store. In 1985, he was promoted to the role of Dior’s chief executive officer.
After selling most of Boussac’s holdings, Arnault made $400 million. Chairman Henri Racamier approached him in 1987 with an investment opportunity at LVMH. Arnault decided to put his money into LVMH through a partnership with Guinness PLC which already owned 24 percent of the company. The next few years saw him investing hundreds of millions more in further shares of the firm. As an investor Bernard Arnault net worth gained huge money.
In January 1989, Arnault acquired 43.5 percent of LVMH’s shares and 35.0 percent of the company’s voting power. The executive management board then unanimously elected him chairman.
After assuming leadership at LVMH, he decided to replace some of the company’s senior executives with fresh faces. He was known to be a harsh boss who would not hesitate to fire workers who fell short of his standards.
Over the course of the 1990s, he implemented an ambitious strategy for the growth and extension of his enterprises, acquiring a number of firms such as Guerlain (1994), Loewe (1996), Marc Jacobs (1997), Sephora (1997), and Thomas Pink (2000). (1999). You must read Vinny Guadagnino Net Worth.
Bernard Arnault Personal Life
Arnault married Anne Dewavrin in 1973, but by 1990, the couple had already divorced. They have two kids together as a couple. Hélène Mercier, a Canadian concert pianist, became his wife in 1990. They’ve started a family with three kids.
Arnault and his family have committed €200 million euros to aid with the rebuilding of the iconic Notre Dame Cathedral in Paris, France after it was severely damaged in a fire in 2019. You should read Ryan Tedder Net Worth.
Bernard Arnault net worth is a result of his hard work and patience. No doubt your dedication and consistency will definitely reward you one day. Dear readers, we hope you have enjoyed our article. We are continuously collecting information and news for our readers. You can visit focushillsboro.com for the latest information and news. If you have any queries or suggestions can put them in our comment section.