Bernard Arnault Biography
He was born on 5 March 1949 as Bernard Jean ennetienne Arnault, the son of Jean Leon Arnault in Roubaix, France. His father was a builder who owned a civil engineering company, Ferret-Savinel. He studied at Maxens van der Meersch High School in Rubix. After completing schooling, he joined the prestigious Ecole Polytechnic and earned an engineering degree in 1971.
He joined his father’s company after graduating from college. He began planning for the expansion and development of the company, and in 1976 he succeeded his father in liquidating the company’s construction division and investing income in a more lucrative business. Arnaults received 40 million French francs from the liquidation of the construction division, which they invested in the real estate business, which was then a very large area. Now renamed Ferrinal, the company became very successful with a specialty in holiday accommodation.
Bernard Arnault became director of company development in 1974 and was named CEO in the year 1977. He succeeded his father as president of the company in 1979. The French Socialists came to power in 1981, forcing Arnault and his family to relocate to the United States. Being the amazing businessman he was, he was also prosperous there, developing condominiums in Palm Beach, Florida. Eventually he began building the American branch of his family’s property business. The political landscape in his native France changed in 1983. French socialists turned on a more conservative economic course and Arnault decided to return home.
The enterprising businessman saw a lucrative opportunity when the textile firm, Bussac Saint-Frères, went bankrupt. The textile empire included many businesses, including Christian Dior’s home. Arnault collaborated with Antoine Bernheim, managing partner of the investment firm of Lazard Frères, who arranged financing for Arnault’s acquisition of Bausac. Arnault invested $ 15 million of his own funds, and Burnham helped remind him of the alleged $ 80 million purchase price of Boussac Saint-Frères. Following this acquisition, Arnault sold most of the company’s assets, retaining only the iconic Christian Dior brand and the Le Bon Marche department store. He became the CEO of Dyer in 1985.
After selling most of Bosack’s assets, Arnault made a $ 400 million profit in the process. In 1987, he was invited to invest in LVMH by the company’s president, Henry Rachmier. Arnault decided to invest through a joint venture with Guinness plc, which held 24% of LVMH’s shares. Over the next few years, he continued to buy more shares in the company, spending several hundred crores in the process. By January 1989, Arnault had acquired control of 43.5% of LVMH shares with 35% voting rights. He was then unanimously elected Chairman of the Executive Management Board.
After taking over LVMH, he fired several top executives of the company and opted to recruit new talent to revive the company. He was a tough taskmaster and was known for his inclination to quickly exhaust his staff, which did not deliver according to his expectations. He set about implementing an ambitious plan to grow and expand his businesses and acquired several other companies in the 1990s, including perfume company Guerlain (1994), Lowe (1996), Marc Jacobs (1997), Siphora (1997), Pink (1999) and Thomas.
Bernard Arnold’s acquisition of the luxury goods group LVMH was a highly ambitious one. She demonstrated her distinctive determination and ruthlessness in the company’s systematic and well-calculated acquisitions, and her successful integration of various well-known aspirational brands into the group inspired many other fashion companies around the world to do the same. is.
He was made the Grand Officer of the French Legion of Honor in 2007 and the French Legion of Honor in 2011. In 2011, he was presented with the Corporate Citizenship Award from the Woodrow Wilson International Center for Scholars.
Bernard Arnault has been married twice. His second wife Helen Mercier is a pianist. He has two children from his first marriage and a third child from his second wife. Bernard Arnault’s company LMVH is engaged in a number of philanthropic activities.
It supports humanitarian, scientific and medical research organizations, such as Save the Children, the Foundation for Hospitals in Paris, and Princess Grace of the Monaco Foundation. He is a noted art collector and has pieces by Picasso, Yves Klein, Henry Moore and Andy Warhol in his collection.
As of 2015, Bernard Arnault has total assets of $ 37.5 billion.