Who is Bernard Arnault?
Bernard Arnault is 73 years old and is the chief executive officer of Louis Vuitton, better known as LVMH – a conglomerate of French luxury goods LVMH Moet Henci. He began his career as an engineer in his father’s construction company and eventually worked his way up until he became president.
Arnault took his first big step into fashion in 1984, becoming the majority shareholder and chief executive officer of Busac, a clothing company owned by Christian Dior natives, in 1989, BOUSC, a clothing company. He has five children, two of whom are with his first wife, Anne. Deveren, and all three of his children with his current wife, Helen Mersner, have senior roles at LVMH.
According to the Bloomberg Billionaires Index, the 51-year-old Musk’s wealth has declined from $172.9 billion to $168.5 billion (as of Tuesday). As the world’s richest man, he has been replaced by Bernard Arnault, chief executive of LVMH, the parent company of luxury brand Louis Vuitton.
Billion, ahead of Musk, who again reported a net worth of $185.3 billion, up from the $190 billion Tesla CEO’s wealth soared after buying Twitter for $44 billion. The 51-year-old’s net worth stood at $340 billion in November last year. Meanwhile, Tesla shares are down nearly 58 percent for the year.
In January 2021, Musk became the world’s richest person for the first time, with a net worth of over $185 billion. Meanwhile, Tesla shares are falling further, as Tesla will cut production at its Shanghai plant by 20 percent in December. Tesla owner Elon Musk has lost the Forbes list of billionaires to Bernard Arnault, whose family owns the world’s leading luxury conglomerate LVMH.
In the Forbes Real Time Billionaires list, Bernard Arnault has been ranked first with a net worth of $188.6 billion. At the same time, Musk has now slipped to second place with an overall net worth of $178.6 billion. However, according to the Bloomberg billionaires list, Musk remains the world’s richest person by a slight margin of $1 billion.
According to the list, he has a net worth of $168 billion while Arnault has a net worth of $167 billion. The two billionaires have swapped the top spot since last week. Musk lost his title as the world’s richest person on December 7, following a drop in the value of his stake in the electric-car maker and a $44 billion stake in social media firm Twitter.
Bernard Arnault, President of LVMH, the parent organization of extravagance brand Louis Vuitton, which incorporates many brands including Louis Vuitton, Givenchy and Kenzo, kept on major areas of strength for recording and benefit development in spite of the most recent worldwide financial headwinds.
Bernard Arnault and his family have become the richest in the world. Elon Musk has invested heavily in the social media platform Twitter, for which he has paid $44 billion. Under this, the microblogging giant has gone through a complete overhaul, adding new features including a paid Twitter Blue subscription service.
According to a report by Insider Intelligence accessed by Reuters, the changes made by Kasturi and flat revenue growth for the next two years will witness a migration of Twitter users. Social media platforms will lose more users in the US than any other country, with monthly users expected to drop to 50.5 million in 2024, the lowest level since 2014, according to reports.
“Clients will begin leaving the stage once again the following year since they are baffled by specialized issues and the expansion of scornful or other hostile substance,” said Jasmine Enberg, head examiner at Insider Insight. Last week, Arnault’s second oldest kid, Antony, 45, was named CEO of Christian Dior SE, the holding organization through which the family controls LVMH.
Delphine, the oldest of the 47-year-old children, became the youngest member of the LVMH executive committee at age 47. He is also the Executive Vice President of Louis Vuitton. The youngest of the siblings, Jean, 24, is the director of marketing and product development for watches at the same company. LVMH fashion brands also include Christian Dior, Givenchy, Funi, Céline and Marc Jacobs.
Stella by Stella McCartney, Rihanna and Excellence by Fenty Magnificence and Advantage Beauty care products are in the Aromas and Beauty care products class. LVMH also owns Cefera. Moët & Chandon and Henesy are among its wine and spirits brands, and it also has luxury hotel and hospitality brands. When it comes to watches and jewelry, the empire owns Tag Heuer, where Arnault’s second-youngest child Fredrik, 27 is chief executive, and Bulgari.
LVMH was involved in the largest luxury brand acquisition ever in January 2021, when it bought jeweler Tiffany & Co for US$15.8 billion ($A23 billion). Arnault’s third child, Alexander, 30, was made executive vice president of product and communications. Despite his staggering net worth, the 73-year-old entrepreneur sold his private jet.
Bernard Arnault, who owns 48% of luxury fashion conglomerate LVMH, has displaced Elon Musk as the world’s richest person after the Tesla owner’s fortune plummeted to $163.3 billion, according to Bloomberg. At one time Musk’s net worth was $340 billion.
The 73-year-old is the first person from Europe to hold the top spot. While Arnault’s vast wealth pales in comparison to Musk’s, the entrepreneur has built a sizeable empire while living a relatively quiet life. According to CNN, Bernard Arnault’s success story begins in Roubaix, France, where he was raised and began his family’s career in the construction business, Feret-Savinel.
After working his way up for several years, he invested in 1984 in the textile conglomerate Boussac Saint-Frères, which was known as the owner of Christian Dior and was facing bankruptcy. He decided to return the brand to profitability and capture the luxury retail market, especially after purchasing LVMH in 1989, which was formed after the merger of Louis Vuitton and Moët Hennessy.
Since the purchase, Arnault has sat as the company’s president and CEO and is still part of the business. LVMH currently owns 75 brands made up of wine, spirits, fashion, leather goods, perfumes, cosmetics, watches, jewelry and luxury travel, with 5,500 stores worldwide.
In 2021, the company marked Tiffany & Co.’s largest-ever brand acquisition with a $15.8 billion purchase. Other notable brands from the group include Givenchy, Fundi, and Stella McCartney. According to Bloomberg, LVMH reported sales of €64 billion ($68 billion) last year and has a market value of €364 billion ($386 billion).
According to Bloomberg, Bernard Arnault has total assets of $ 170.8 billion. However, this figure is projected to drop slightly to $7.2 billion in 2022 as a result of difficult economic markets and the consequences of the COVID-19 pandemic. Despite inheriting immense wealth, Arnault shows no signs of slowing down. LVMH raised the age limit for its CEO from 75 to 80 in early 2022, indicating he will be at the helm for at least a few more years.
While Arnault has the means to live a lavish life, it seems he has chosen a simple life. In fact, according to Bloomberg, he recently sold LVMH’s private jet after being tracked on Twitter. According to the outlet, Arnault Chawla is also an art collector and has an estimated $10.3 billion in cash and other assets.
Bernard Arnault is the father of five children. He shares his two eldest children, Delphine and Antony, with his ex, Anne Devane. He and his wife, Helen Merceder, who are still together, share three children: Alexander, Frederick, and Jean. All five of their children currently work for the family business, but according to Insider, daughter Delphine is seen as the “heiress” of LVMH, and she sits at Louis Vuitton as an executive vice president.