If we talk about the richest people in the world, then most often they are businessmen, politicians, actors, athletes, but we should not forget about representatives of the fashion industry. Many of them have achieved incredible success and their names are known even to those who are very far from fashion industry.
Bernard Arnault – an outstanding entrepreneur and tycoon, whose success story has become an example for many ambitious businessmen. He is a representative of the fashion industry, or rather, the most influential figure in this industry. Of course, in the general public, his name is associated, first of all, with luxury and brands that embody style and elegance. How did he achieve all this? It should be said that his path to the top was not easy. What he has and the status in which he is, Bernard Arnault truly deserved and even won. Not the least role in his success was played by determination, intuition and unconditional innate talent. We suggest talking about his life in more detail.
Bernard Arnault biography
Early years and first steps in business
Bernard Arnault was born on March 5, 1949 in the French city of Roubaix. His family belonged to the middle class, and his father owned the construction company "Ferret-Savinel". Since childhood, the boy showed a penchant for exact sciences and art. He was also interested in business. In the future, this bore fruit.
The parents wanted to give their son a good education. Arnault entered one of the most prestigious universities in France, the École Polytechnique, where he received an engineering degree. Interestingly, he never worked in his specialty, or worked for a very short time, so little is known about it. Young Arnault's interests were already quite specific at that time, and it was not engineering. He joined the family business. Four years later, he headed the family construction company, Ferret-Savinel. Later, he initiated the restructuring of the company. A little later, he even decided to sell it. An interesting fact: he did not inform his father about his intention to sell the family business until the very last moment. Only after the deal was signed and it was profitable for the family, Arnault told his father about it.
After that, Arnault goes to the USA. He lives there for several years. This is not exactly a vacation. He actively studies there the various subtleties and nuances of buying, selling, and merging companies. In short, he is clearly preparing for something large-scale and wants to become a real “business shark”. After that, he returns to France, to his hometown. Now he is a specialist who is well acquainted with the arsenal of typically American techniques and practices for aggressively taking over companies and is ready to put all this into practice.
Entering the fashion world: buying Christian Dior
In 1984, he bought the Christian Dior fashion house. How did it happen? It all started when Arnault's attention was drawn to the recently bankrupt textile conglomerate Boussac Saint-Frère. It was very cheap after the economic crisis. Arnault took advantage of this opportunity and bought the company along with its assets. This conglomerate owned the Christian Dior fashion house. Arnault decided to keep the Christian Dior brand, because the entrepreneur already had certain plans for it. He wanted to make Dior a symbol of French luxury and revive its glory.
He then closes down unprofitable businesses and keeps only those in which he sees potential. Dior is among them.
Creating the LVMH Empire: Louis Vuitton Bernard Arnault
In 1988, he began investing in shares of the newly formed company Moët Hennessy Louis Vuitton (LVMH). In the mid-1990s, he expanded LVMH by adding fashion houses Givenchy and Celine, watchmaker TAG Heuer, the cosmetics and hygiene products chain Sephora, and several other companies. Today, all of these brands are popular all over the world, but back then they were local companies. It was Bernard Arnault who made them what we know them to be today. This was the beginning of his strategy of transforming companies with potential into real business gems, but it all started with LVMH sharesHe still owns a controlling stake in this French company.
One of his key strategies was to preserve the heritage of the brands while simultaneously updating their image. Arnault brought in talented designers such as John Galliano, Marc Jacobs and Virgil Abloh, who helped modernize the brands while preserving their historical value.
Status: richest person in the world
Today, LVMH includes over 70 prestigious brands, including Louis Vuitton, Christian Dior, Givenchy, Fendi, Bulgari, Celine, Moët & Chandon, Dom Pérignon. His fortune is estimated at hundreds of billions of dollars, and Arnault himself is the embodiment of success.
Over the past decades, LVMH has not only become a symbol of luxury, but has also significantly increased its market capitalization. The company's shares have become one of the most attractive on the stock exchanges. This is precisely why Bernard Arnault became the richest man in the world, surpassing other billionaires.
In April 2018, Bernard Arnault was recognized as the richest person in Europe. On January 18, 2023, he became the richest person in the world, according to Forbes, his fortune was $221 billion. As of July 2023, the wealth of Arnault and his family reached $243.5 billion. At this point, their fortune has increased even more. Of course, Arnault does not hold the status of the richest person constantly, because there are enough rich people in the world, but the fact that he managed to do this is already impressive, right?!
Charity
Bernard Arnault is known for his philanthropic work. He has funded art galleries, aid for the disabled, and initiatives to find new talent in business and the arts. In 2019, his foundation provided 200 million euros to rebuild Notre Dame de Paris after the fire.
Personal life
Bernard Arnault was married twice. His first wife was Anna Devavrin, who gave him two children - Antoine and Delphine. Since 1991, he has been married to pianist Hélène Mercier, who gave him three sons: Alexandre, Frédéric and Jean.
Let's summarize
Bernard Arnault's success story is truly impressive. Yes, he was born into a far from poor family, but the heights he managed to reach are all the result of his abilities, talent and work. We can say about him that he literally felt what the market of that time needed. He was not afraid to take risks, which also brought success. Bernard Arnault transformed the fashion industry, making it not only a part of culture, but also a profitable business. Today, he not only runs the largest luxury empire in the world, but also sets the tone for the entire fashion industry.
