Image Source: Bloomberg
Reuters says that Bernard Arnault, the richest person in the world and CEO of the luxury goods company LMVH, has put his daughter in charge of Christian Dior. Pietro Beccari, who is about to become CEO of Louis Vuitton, is being replaced by Delphine Arnaut, who is 47 years old.
LVMH Moët Hennessy Louis Vuitton is the largest luxury goods company in the world. Arnault, who is now 73, started the business in 1987. It owns brands like Bulgari, Celine, Fendi, Givenchy, Veuve Clicquot, and Dom Perignon. LVMH has businesses in more than 70 different nations.
Delphine Arnault was the Deputy Managing Director of Dior for 12 years before she became an executive vice president at Louis Vuitton in 2013.
In the LVMH empire, Bernard Arnault’s children have a lot of power. Alexandre is the executive vice president of Tiffany & Co., Frédéric is in charge of Tag Heuer, and Jean is in charge of marketing and watches development for Louis Vuitton. Antoine and Delphine Arnault also sit on the board of LVMH.
Bloomberg says that Arnault’s current worth is $178 billion. Elon Musk, the CEO of Tesla, is now $50 billion poorer than he is. Musk was the first person last year to lose $200 billion.
Business Insider used Arnault’s statement about his daughter’s new job. He said that Delphine Arnault’s new job is “another important step in a career in fashion and leather goods that has been marked by excellence,” first during her 12 years at Christian Dior and then during the past 10 years at Louis Vuitton, where she was number two and in charge of all of Maison’s product activities.
Bernard Arnault finished his statement by saying Delphine’s “sharp insights and unmatched experience will be decisive assets in driving Christian Dior’s continued growth.”
BI noticed that the company’s stock was doing better because, on Wednesday, shares went up by 1.6%, giving LVMH a huge $414 billion value.
Bernard Arnault becomes the richest person in the world
When Elon Musk became the first person to lose more than $200 billion in net worth, it made room for someone else to be the richest person in the world.
That would be 73-year-old Bernard Arnault from France. He is a co-founder and CEO of LVMH, a luxury goods company that owns well-known brands like Louis Vuitton, Tiffany, and Christian Dior.
Last month, Bernard Arnault became the richest person in the world after passing Musk. Forbes and Bloomberg say that he still holds that title today.
As of Thursday, Forbes put his net worth at $191 billion, while Bloomberg thinks it is more likely to be $172 billion. In either case, he has been a billionaire for a long time. He built his wealth and moved up the ranks by using the strategies he learned from Steve Jobs and Warren Buffett.
Who is Arnault?
You should know the name of the French billionaire. He has been one of the wealthiest people in the world for a long time. Jeff Bezos, who ran Amazon, lost the top spot to him in 2021, just before Elon Musk took over.
In the 1970s, Bernard Arnault, who was the son of a wealthy construction magnate, took over his father’s business. Then he went into real estate, then textiles, and finally retail.
In 1985, he used $15 million from his family’s business to buy Christian Dior from its bankrupt owners. This is how what is now LVMH got started. He still owns 97.5% of the famous French luxury fashion house.
Over the next 30 years, Arnault grew his luxury retail empire by helping Louis Vuitton and Mot Hennessy merges and buy a controlling stake in the new holding company, LVMH.
Today, he runs about half of LVMH, worth about $390 billion on the market. It sold almost $60 billion in the first nine months of 2022.
Bernard Arnault likes to go to the stores of both LVMH’s brands and its rivals. People say that he goes to as many as 25 stores on some days. But he has also talked about his pride in keeping and growing some of France’s most famous brands and designers.
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How did he get to be the richest person on the planet?
Bernard Arnault has recently moved to the top of the list of billionaires. At the same time, Musk quickly lost a lot of money after he took over Twitter in October 2022 as CEO of Tesla and SpaceX.
Even though the world market has been unstable in the past few months, Arnault’s wealth has stayed the same. Most of Arnault’s wealth comes from LVMH’s stock, and the price of that stock has gone up by nearly 65% since 2020.
During the same time, Arnault’s wealth increased by tens of billions of dollars. Forbes says that Arnault’s wealth doubled last year, going from $76 billion in 2020 to $150 billion. This is because, after the pandemic, demand for luxury goods went up.
