The Stylish Business Magnate.
Bernard Jean Étienne Arnault is a French business magnate, investor and art collector. He is the chairman and chief executive officer of LVMH, a luxury group resulting from the merger between two companies, Moët Hennessys and Louis Vuitton, in 1987.
In November 2016, his wealth is estimated to be US$37.3 billion, making Arnault is the richest man in France, and the 12th richest person in the world.
EARLY LIFE His father Jean Leon Arnault was a manufacturer and the owner of a civil engineering company, Ferret-Savinel. After graduating from the Maxence Van Der Meersch High School in Roubaix, Bernard Arnault was admitted to the École Polytechnique from which he graduated with degree in engineering in 1971.
After graduation, in 1971, he joined his father's company. In 1976, he convinced his father to liquidate the construction division of the company for 40 million French francs, and to change the focus of the company to real estate. Using the name Férinel, the new company developed a specialty in holiday accommodation. Named director of company development in 1974, he became the CEO three years later. In 1979, he succeeded his father as president of the company.
In 1984, with the help of Antoine Bernheim, a senior partner of Lazard Frères et Cie., Arnault acquired the Financière Agache, a luxury goods company. He became the CEO of Financière Agache, and therefore took control of Boussac, a textile company in turmoil. Boussac owned Christian Dior, the department store Le Bon Marché, the retail shop Conforama and the diapers industrial Peaudouce.
Bernard Arnault sold nearly all the company's assets, keeping only the prestigious Christian Dior brand, and Le Bon Marché department store.
This story is from the February 2017 edition of SME Magazine Singapore.
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This story is from the February 2017 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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