Bernard Arnault more than ever on top of the world. After becoming the richest man on the planet in December, the founder of LVMH now continues to widen the gap with his persecutors.
With a fortune estimated at Bloomberg At $182 billion, the French billionaire now has a $50 billion lead over his runner-up, Elon Musk, who has lost over $200 billion in two years! According to ForbesThe total fortune of the Arnault family is even close to 205,000 million dollars, or 40% more than that of the Tesla boss according to the US media.
The French luxury champion is not willing to give up his crown. Fueled by China’s economic reopening, LVMH’s share price has broken records in recent days. This Wednesday, the market capitalization of the French giant reached 390,000 million euros of market capitalization, surpassing its previous record of January 2022. LVMH is now in the top 15 of the largest listed companies in the world.
It is in this context that the businessman who will be 74 years old on March 5 seems to be slowly beginning to prepare his succession. If there is no rush for the head of LVMH, who raised the age limit to be the group’s CEO in 2022 from 75 to 80 years, however, in recent weeks he has entrusted his children with key positions in the group.
Arnault’s five children in key positions
Last December, Antoine Arnault, 45, who already ran the Berluti and Loro Piana brands, took over as CEO of Christian Dior SE, which controls the entire LVMH group.
A decision that reinforces family control over the LVMH group.
The transformation of Agache, which Christian Dior SE oversees, into a limited company was announced in July, as part of Bernard Arnault’s strategy to organize his succession.
This Wednesday it was the eldest of the siblings, Delphine Arnault, 47, who in turn took the lead within the group. After a decade as deputy general manager of Louis Vuitton, the one who is Xavier Niel’s partner in the city will lead one of the flagships of the group. He will assume the presidency of Christian Dior Couture, a house he knows well, having spent 12 years there before joining Louis Vuitton.
The most profitable family businesses
The two older Arnaults born from the billionaire’s first marriage are not the only ones to prevail in the takeover of the luxury giant. The other three children of Bernard Arnault born from his second marriage to the pianist Hélène Mercier are also called to rise in the ranks of the group.
Alexandre Arnault is already 30 years old and is executive vice president of the American jeweler Tiffany acquired in 2020 after a bitter financial battle. Frédéric, 28, is for his part in charge of the luxury watch manufacturer TAG Heuer. And the youngest, Jean, 25, is director of marketing and development for Louis Vuitton’s watch division.
Like many giants of French capitalism (Mulliez in distribution, Pinault in luxury, Dassault in aeronautics), Bernard Arnault privileges the family in order to gradually hand over the reins of his group. According to numerous economic studies, family businesses have average profitability levels that are 3.7% higher than the rest. Grooming his children to succeed him, the reason choice of the richest man in the world?
Source: BFM TV
