December 12, 2022. 3 minute Read
Did you know luxury brands such as Louis Vuitton, Christian Dior, Marc Jacobs, Kenzo, and Bulgari, are all owned by LVMH? Yes. That makes LVMH the world’s largest luxury brand.
Now a question arises; who is the face behind these companies? Well, he is the one and only Bernard Arnault, the undisputed king of the fashion industry. He has accumulated a wealth of 186 Billion US Dollars by conquering the luxury brands market. Recently he dethroned Elon Musk as the wealthiest man in the world.
With success comes adulation. And when people adulate someone, they all want to know who Bernard Arnault is and want to know more about family, friends, relatives, etc.
Arnault was born on 5th March 1949 in Roubaix, Northern France. His father was also a businessman and owned a civil engineering company.
Bernard Arnault graduated from École Polytechnique, one of France’s leading engineering companies, in 1971. After graduating, he started to work in his father’s company.
Arnault started his business career as a real estate businessman, but God had another plan. He entered the textile market by acquiring Financière Agache. In 1984, Boussac, the parent company of Christian Dior, was not doing well, and Bernard Arnault thought to buy the company and always knew that one high-risk decision could give the world a new inspiration.
Then with time, he played a brilliant game to take control of LVMH. He used the fight between the owners of LV and MH to his advantage. His ruthless hustle to become the biggest brand in the world earned him the title of ‘The Wolf in Cashmere .’Acquisitions has always been significant game changer for LVMH, with Tiffany & Co being the most recent. Tiffany & Co is a luxury jewelry brand acquired by him at a valuation of $16 billion.
Today LVMH has turned into a mammoth company with an annual revenue of over 55 Billion US Dollars, More than 160k employees, and 75 sub-brands under it. But once Arnault was criticized for his idea of creating such a costly luxurious brand that’s not reachable to 98% of the World Population. But we all know that nobody remembers the critics but people always remember the winners who make it happen.
In this journey of building LVMH, Bernard Arnault has focused on three things:
Bernard Arnault gived complete independence to the company’s creative team, which is the main reason behind his success.”
Bernard Arnault has also engaged his children in the business. He has five children, all CEOs of companies under LVMH. There is also a lot of small talk around the world media about who will take over this empire.
You may have searched about Bernard Arnault for his wealth and success. He is often in the news for his luxurious lifestyle, from buying private islands to purchasing the best pieces of art worth millions. Remember! All these things didn’t happen overnight. He created an example of how excellence in any field can bring wealth. In a time when most billionaires are tech businessmen, he is sitting at the top with his passion for ruling the fashion industry.