- Bernard Arnault
Infobox_Celebrity
image_size = 150px
name = Bernard Arnault
caption =
birth_date = birth date and age|df=yes|1949|3|5
birth_place =Roubaix ,France
death_date =
death_place =
occupation = Chairman,LVMH
Chairman,Christian Dior SA
salary =
networth =loss$25.5 billion
US dollar
spouse = Hélène Mercier (Pianist)
website = [http://www.lvmh.com/comfi/pg_strategie.asp?rub=1 LVMH.com]
footnotes =Bernard Arnault (born 5 March 1949 in
Roubaix ) is a French businessman. He is the 14th richest person in the world and France's richest person with an estimated net worth of $26 billionUS dollar s, according to a "Forbes" report in March 2007. [ [http://www.forbes.com/lists/2006/10/QD7M.html Profile] in Forbes, retrieved on 8 March 2007]In 2007, Arnault was listed among
Time Magazine 's 100 Most Influential People in The World.Education and Business Career
As of March 2007, Arnault owns a 47.5% plurality [ [http://www.lvmh.com/comfi/pg_capital.asp?rub=9&srub=2 Annual General Meetings - Group Investor Relations - Corporate Governance - Shareholders - Activities - LVMH Share ] ] of
LVMH (Moët Hennessy Louis Vuitton), along withChristian Dior SA and personal holding companyGroupe Arnault . Arnault is the Chairman and CEO of all three companies.Mr Arnault's father, Jean Arnault, was an industrialist, and owner of a
public works company, Ferret-Savinel.After graduating from the Maxence Van Der Meersch high school, Bernard Arnault was admitted to the
École Polytechnique (X1969) from which he graduated with an engineering degree in 1971. After graduation, Mr Arnault joined his father's company. In 1976, he convinced his father to liquidate the construction division of the company for 40 million francs, and to change the focus of company to real estate. Using the name Férinel, the new company develops a specialty holiday accommodation. In 1979, he succeeded his father as president of the company.When socialist
François Mitterand was electedPresident of France in 1981, Mr Arnault emigrated to theUnited States and created Ferinel Inc. Through this vehicle, Mr Arnault prospered, developing codominums inPalm Beach, Florida . Three years later, when the French Socialists switched to a more conservative economic course, Mr Arnault returned to France and became CEO ofFinancière Agache , a luxury goods company. With the help ofAntoine Bernheim , managing partner of the Banque Lazard investment firm, and government subsidies conferred in exchange for a promise not to downsize, Mr Arnault acquiredBoussac , a textile company in turmoil. The Arnault family put up just $15 million of their own money, with Lazard supplying the rest of the reported $80 million purchase price [ [http://www.referenceforbusiness.com/biography/A-E/Arnault-Bernard-1949.html Bernard Arnault - Learning the Family Buisiness] ] . Mr Arnault sold nearly all the company's assets, keeping only the prestigiousChristian Dior brand, andLe Bon Marché department store.In 1987, shortly after the creation of LVMH, Mr Arnault exploited a growing conflict between Alain Chevalier, Moët Hennessy's CEO, and Henry Recamier, president of
Louis Vuitton . The new group held property rights to Dior perfumes, which Mr Arnault craved to incorporate into Dior Couture.He created a holding company of which he owned 60% andGuinness , who had a distribution agreement with Moët-Hennessy, owned 40%. Following the October 1987 stock market crash, he capitalized on the lower quoted price and soon owned 43% of LVMH. He then consolidated his position by purging executives from both companies.He has since then led the company through an ambitious development plan, turning it into the largest luxury group in the world, ahead of Swiss luxury giant
Richemont .More recently, Mr Arnault, through personal holding
Groupe Arnault and associates at Colony have had their eye onCarrefour , a supermarket, buying into the company in March 2007.Arnault also owned the art auction house
Phillips de Pury & Company from 1999 to 2003.Personal Information
Mr Arnault is twice married, and the father of five children. His daughter
Delphine Arnault is actively involved in the management of LVMH. His second wife, Hélène Mercier, is a pianist fromQuebec .Mr Arnault is a noted art collector. Following the example of business manFrançois Pinault , he created a Louis Vuitton foundation for contemporary art, which should open at theJardin d'acclimatation in 2010.Arnault was a witness at future President Nicolas Sarkozy's wedding to
Cécilia Ciganer-Albéniz . He was also awarded the French Legion of Honor.Arnault resides outside of
Manhattan inNew Rochelle, New York .Competitors
Arnault's main business competitors are:
* French businessman
François-Henri Pinault , whose holding company PPR ownsGucci , Yves Saint Laurent,Alexander McQueen ,Stella McCartney ,Sergio Rossi ,Bottega Veneta ,Boucheron , Roger & Gallet, Bédat & Co andChristie's .* Swiss-based
Richemont , which ownsCartier ,Van Cleef & Arpels , Piaget,Baume et Mercier ,IWC ,Jaeger LeCoultre ,A. Lange & Söhne ,Officine Panerai ,Vacheron Constantin , Dunhill, Lancel,Montblanc ,Montegrappa , Old England,Purdey ,Chloé , andShanghai Tang .Controversies
In January 2007
Kathryn Blair , the daughter of former British Prime MinisterTony Blair , completed an intensive French language and culture course at France'sSorbonne University . Tony Blair has been criticised for accepting an invitation on her behalf from Bernard Arnault. During Kathryn Blair's course, which ran from 12 October 2006 to 26 January 2007, she is thought to have been provided with an accommodation, security and transport package worth around £80,000. [ [http://www.dailymail.co.uk/pages/live/articles/news/news.html?in_article_id=435536&in_page_id=1770 "Cherie's pride at her graduate girl (...and the Blairs managed to negotiate a freebie, too)"] , Gordon Rayner and Peter Allen, Daily Mail, 12 February 2007]ee also
*
French Rich List References
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