Luxurious items mogul Bernard Arnault is the world’s richest individual.
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Bernard Arnault’s fourth baby has been named head of one of many household’s holding corporations that management luxurious big LVMH.
Frédéric Arnault, a 29-year-old, was additionally appointed to the LVMH board alongside his brother Alexandre in April. These additions imply 4 out of Arnault’s 5 kids now sit on the LVMH board.
Arnault is at present the world’s richest individual with a internet price of about $215 billion, in response to estimates by Bloomberg. In 2023, he turned solely the third individual to surpass the $200 billion mark, following tech moguls Jeff Bezos and Elon Musk.
Arnault cofounded LVMH within the Eighties and is its CEO and chair. The French luxurious conglomerate owns a variety of manufacturers masking style, fragrance, jewellery, watches, and alcohol, together with Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, Fenty Magnificence, and Tiffany & Co.
In February 2023, Arnault’s daughter, Delphine Arnault, turned CEO of Dior. However it’s not simply Delphine who has risen up LVMH’s ranks. All 4 of Bernard’s sons work at LVMH and its manufacturers, too.
Bernard, 75, has not mentioned who he needs to take over from him, nevertheless it’s a subject that will get mentioned each time he provides one in all his offspring a brand new position. In 2022 LVMH raised the age restrict of its CEO from 75 to 80, extending Bernard’s doable tenure.
“One of the best individual contained in the household or exterior the household ought to be someday my successor,” Bernard advised The New York Instances in September. “However it’s not one thing that I hope is a duel for the close to future.”
Bernard has primed his kids for management roles on the firm since start, although they are saying he by no means pressured them to hitch LVMH. His offspring have been despatched to one of the best colleges and as kids would get quizzed on their math expertise practically each evening, The Instances reported.
“I did not need them to begin going to large events,” Bernard mentioned of his kids. “I made them work.”
The Arnault household has been in comparison with HBO collection “Succession,” which sees the kids of media mogul Logan Roy vying to take over as CEO.
“I do know it is disappointing for lots of people,” Antoine Arnault, Bernard’s oldest son, advised The Instances, “however we really take to each other.”
Delphine and Antoine already sit on LVMH’s board, leaving solely Jean — the youngest of the siblings — off the board.
