Bernard Arnault Net Worth 2023 | CEO of LVMH Bernard Arnault

This video is about Bernard Arnault Net Worth 2023 $230.1 Billion as of June 2023 #bernardarnault #lvmh #business #richestperson #americanactor #hollywoodactor #informationhub Subscribe for World informative Videos and press the bell icon Bernard Jean Étienne Arnault (French: [bɛʁnaʁ ʒɑ̃ etjɛn aʁno]; born 5 March 1949) is a French business magnate, investor, and art collector. He is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton, the world's largest luxury goods company. Arnault and his family have an estimated net worth of US$220 billion as of June 2023, according to Forbes, making him the wealthiest person in the world. Arnault was educated at the Lycée Maxence Van Der Meersch in Roubaix, and the Lycée Faidherbe in Lille. In 1971, he graduated from the École Polytechnique, France's leading engineering school, and began work for his father's company. Three years later, after he convinced his father to shift the focus of the company to real estate, Ferret-Savinel sold the industrial construction division and was renamed Ferinel. Following the acquisition of a textile company and relocation of its headquarters, the company renamed the real estate branch to the George V Group. The real estate assets were later sold to Compagnie Générale des Eaux (CGE), eventually becoming Nexity. Arnault began his career in 1971, at Ferret-Savinel, and was its president from 1978 to 1984. In 1984, Arnault, then a young real estate developer, heard that the French government was set to choose someone to take over the Boussac Saint-Frères empire, a textile and retail conglomerate that owned Christian Dior. With the help of Antoine Bernheim, a senior partner of Lazard Frères, Arnault acquired the Financière Agache, a luxury goods company. He became the CEO of Financière Agache and subsequently won the bidding war for Boussac Saint-Frères, buying the group for a ceremonial one franc and effectively took control of Boussac Saint-Frères. Along with Christian Dior, Boussac's assets included the department store Le Bon Marché, the retail shop Conforama, and the nappy manufacturer Peaudouce. After Arnault bought Boussac, he laid off 9,000 workers in two years, after which he acquired the nickname "The Terminator". He then sold nearly all of the company's assets, keeping only the Christian Dior brand and Le Bon Marché department store. By 1987, the company was profitable again and booked earnings of $112 million on a revenue stream of $1.9 billion. He worked with Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, to form LVMH in 1987. In July 1988, Arnault provided $1.6 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. LVMH had been created on the premise that the conglomerate would be too large for a single hostile raider. However, the premise failed to take into account internal takeover attempts. The fault became too large to ignore when Arnault had a differing strategic vision from Henry Racamier, Louis Vuitton's president. 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. He then turned on Racamier, stripped him of his power, and ousted him from the board of directors. On 13 January 1989, he was unanimously elected chairman of the executive management board. After assuming leadership, Arnault 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, annual sales and profit rose by a factor of 5, and the market value of LVMH increased by a factor of 15. In July 1988, Arnault acquired Céline. That same year, he sponsored French fashion designer Christian Lacroix to advertise the company's luxury clothing line.