History of Bernard Arnault in Timeline
Bernard Jean Étienne Arnault is a French business magnate with an estimated net worth exceeding US$211 billion as of May 2024, making him the world's wealthiest individual. His fortune primarily stems from his role as founder, chairman, and CEO of LVMH, the world's leading luxury goods conglomerate. Beyond his business ventures, Arnault is known for his investments and art collection.
March 1949: Birth of Bernard Arnault
Bernard Jean Étienne Arnault was born in Roubaix in March 1949.
March 1949: Early Life and Family Background
Born in March 1949, Bernard Arnault's upbringing was influenced by his devoutly Catholic family and a love for music and education instilled by his mother, Marie-Josèphe Savinel, a pianist.
1971: Arnault Begins Career at Ferret-Savinel
Arnault commenced his professional journey in 1971 at Ferret-Savinel.
1971: Arnault's Education and Early Career
Arnault graduated from École Polytechnique in 1971. He then joined his father's company, Ferret-Savinel, and convinced his father to shift the company's focus to real estate.
1971: Arnault Graduates École Polytechnique and Begins Career
Arnault graduated from École polytechnique in 1971 and began his career at his father's company, Ferret-Savinel.
1973: Marriage to Anne Dewavrin
Bernard Arnault married Anne Dewavrin in 1973.
1978: Arnault Becomes President of Ferret-Savinel
In 1978, Arnault became president of Ferret-Savinel.
1984: Arnault Acquires Boussac Saint-Frères
In 1984, Arnault learned of the French government's search for a buyer for Boussac Saint-Frères, a textile and retail group that owned Christian Dior. He then acquired the company.
1987: Arnault Collaborates to Form LVMH
Arnault collaborated with Alain Chevalier, CEO of Moët Hennessy, and Henry Racamier, president of Louis Vuitton, to form LVMH in 1987.
1987: Arnault Revitalizes Dior and Achieves Profitability
By 1987, through restructuring and strategic decisions, Arnault made the company profitable again, recording $112 million in earnings on a revenue of $1.9 billion.
1987: Formation of LVMH
In 1987, Arnault played a key role in forming LVMH, a global luxury goods company, through a merger between Louis Vuitton and Moët Hennessy.
July 1988: Acquisition of Céline
In July 1988, Arnault acquired the fashion brand Céline.
July 1988: Arnault Makes Strategic Investments in LVMH
In July 1988, Arnault invested $1.6 billion to form a holding company, partnered with Guinness, which held 24% of LVMH shares. To counter potential threats, he spent another $600 million to increase his stake in LVMH, becoming the largest shareholder.
January 1989: Arnault Becomes Chairman of LVMH
In January 1989, Arnault spent an additional $500 million, gaining control of 43.5% of LVMH shares and 35% voting rights, allowing him to halt any potential dismantling of the LVMH group. This strategic maneuver led to him becoming the chairman of the executive management board.
1990: Separation from Anne Dewavrin
Bernard Arnault and Anne Dewavrin separated in 1990.
1991: Marriage to Hélène Mercier
Bernard Arnault married Hélène Mercier, a Canadian concert pianist, in 1991.
1993: Expansion of LVMH's Portfolio
LVMH expanded its portfolio with the acquisition of Berluti and Kenzo in 1993. In the same year, Arnault also bought the French economic newspaper La Tribune.
1994: Acquisition of Guerlain
LVMH acquired the perfume company Guerlain in 1994.
1996: Acquisition of Loewe
Arnault oversaw the acquisition of Loewe in 1996.
1997: Acquisition of Marc Jacobs and Sephora
LVMH acquired Marc Jacobs and Sephora in 1997.
1998: Arnault Invests in Web Companies
From 1998 to 2001, through his holding company Europatweb, Arnault invested in various web companies, including Boo.com, Libertysurf, and Zebank.
1998: Arnault Acquires Château Cheval Blanc
In a personal capacity, Arnault, along with businessman Albert Frère, acquired Château Cheval Blanc in 1998.
April 1999: Arnault as Richest Person in Fashion
Bernard Arnault was recognized as the richest person in the fashion industry in April 1999, surpassing Amancio Ortega of Zara.
December 1999: Opening of the LVMH Tower in New York
The LVMH Tower, designed by Christian de Portzamparreke and commissioned to manage LVMH's presence in the United States, opened in December 1999.
1999: Acquisition of Phillips de Pury & Company
Arnault acquired Phillips de Pury & Company, an art auction house, in 1999.
1999: Groupe Arnault Invests in Netflix
Groupe Arnault made an investment in Netflix in 1999.
1999: Acquisition of Thomas Pink
September 2001: LVMH and Gucci Settlement
After a prolonged battle, LVMH and Gucci settled their dispute in September 2001, with LVMH selling its shares and profiting $700 million.
2001: Acquisition of Fendi, DKNY, and La Samaritaine
Arnault led LVMH to acquire Fendi, DKNY, and La Samaritaine in 2001.
2001: Conclusion of Arnault's Web Investments
By 2001, Arnault had concluded his investment in a variety of web companies, which he had started in 1998.
2003: Sale of Phillips de Pury & Company
Arnault sold Phillips de Pury & Company in 2003 after owning it for four years.
2006: Initiation of Louis Vuitton Foundation Project
Arnault initiated the project to build the Louis Vuitton Foundation, a contemporary art museum in Paris, in 2006.
November 2007: Sale of La Tribune and Acquisition of Les Échos
In November 2007, Arnault sold the French economic newspaper La Tribune and purchased another economic newspaper, Les Échos, for €240 million.
2007: Investment in Carrefour
In 2007, Bernard Arnault, through Blue Capital, jointly owned 10.69% of Carrefour, the world's second-largest food distributor, with Colony Capital.
2008: Entry into the Yacht Business
Arnault entered the yacht business in 2008, acquiring Princess Yachts for €253 million and taking control of Royal van Lent shipyard for a similar amount.
2009: LVMH Acquires Arnault's Share in Château Cheval Blanc
LVMH purchased Arnault's share of Château Cheval Blanc in 2009, adding to the group's existing wine properties, which included Château d'Yquem.
2010: Joining 1MDB Board of Advisors
Bernard Arnault joined the Board of Advisors of the Malaysian 1MDB fund in 2010.
2010: Delphine Arnault's Relationship with Xavier Niel
Delphine Arnault, Bernard Arnault's daughter, began a relationship with Xavier Niel, a French billionaire businessman, in 2010.
March 2011: Acquisition of Bulgari
Arnault announced the acquisition of a majority stake (50.4%) in the Italian jeweler Bulgari in March 2011, followed by a tender offer for the remaining publicly owned shares, totaling $5.2 billion.
December 2011: Transfer of Groupe Arnault Stake
Arnault transferred a 31% stake in Groupe Arnault, valued at €6.5 billion, to Pilinvest, his holding company, in December 2011.
March 2013: QDA Expansion in Beijing
In March 2013, it was reported that Arnault's private equity firm, LCapitalAsia, would support the expansion of mid-priced clothing brand QDA in Beijing, in partnership with Xin Hee Co., Ltd.
April 2013: Arnault Explains Decision to Remain in France
In April 2013, Bernard Arnault explained his decision to abandon his application for Belgian citizenship. He emphasized his commitment to France, even amidst economic challenges, and his refusal to engage in tax evasion, unlike some employees whose requests to leave for tax purposes he declined.
April 2013: Arnault Withdraws Belgian Citizenship Application
In April 2013, Bernard Arnault withdrew his application for Belgian citizenship after facing backlash and accusations of tax evasion. He clarified that he never intended to leave France and remained committed to paying his taxes there.
2013: Leaving 1MDB Board of Advisors
Bernard Arnault ended his tenure as a member of the Board of Advisors of the Malaysian 1MDB fund in 2013.
February 2014: Joint Venture with Marco De Vincenzo
Arnault entered a joint venture with Italian fashion brand Marco De Vincenzo in February 2014, acquiring a 45% stake in the company.
October 2014: Opening of Louis Vuitton Foundation
The Louis Vuitton Foundation, a contemporary art museum initiated by Arnault and designed by Frank Gehry, opened in Paris in October 2014.
2015: Arnault Sells Yacht "Amadeus"
In late 2015, Bernard Arnault sold his 70-meter converted research vessel, "Amadeus". He later acquired the 101.5-meter yacht "Symphony", built by Feadship in the Netherlands.
2016: Arnault's Compensation as LVMH CEO
Bernard Arnault received €7.8 million in compensation as the CEO of LVMH in 2016.
2016: Sale of DKNY
LVMH, under Arnault's leadership, sold the fashion brand DKNY to G-III Apparel Group in 2016.
April 2017: Acquisition of Christian Dior
Arnault announced the acquisition of Christian Dior's haute couture, leather goods, men's and women's ready-to-wear, and footwear lines in April 2017, bringing the entire Christian Dior brand under the LVMH umbrella.
2017: Arnault Supports Emmanuel Macron in French Presidential Election
During the 2017 French presidential election, Bernard Arnault publicly supported Emmanuel Macron. Interestingly, Brigitte Macron, Emmanuel Macron's wife, had previously been the French teacher of Arnault's sons, Frédéric and Jean, during their time at the Lycée Saint-Louis-de-Gonzague.
2017: LVMH's Strong Performance
In 2017, LVMH, under Arnault's leadership, achieved record sales with a 13% increase from the previous year and a 29% rise in net profit.
January 2018: Record Sales for LVMH
In January 2018, LVMH, under Arnault's leadership, reported record sales of €42.6 billion for 2017, marking a 13% increase from the previous year, with strong performance across all divisions. The net profit also rose by 29%.
July 2019: Arnault Becomes Second-Richest Person
Bernard Arnault became the second-richest person globally in July 2019, with a net worth of $103 billion.
November 2019: Planned Acquisition of Tiffany & Co.
Arnault announced plans to acquire Tiffany & Co. for approximately US$16.2 billion in November 2019, with an expected closing date of June 2020.
December 2019: Arnault Briefly Becomes World's Richest Person
Arnault surpassed Jeff Bezos to become the world's richest person for a short period in December 2019.
January 2020: Arnault Briefly Regains World's Richest Title
Arnault briefly regained the title of the world's richest person in January 2020.
June 2020: Cancellation of Tiffany & Co. Acquisition
LVMH announced in June 2020 that the planned takeover of Tiffany & Co. would not proceed, citing Tiffany's handling of the business during the COVID-19 pandemic.
September 2020: LVMH and Tiffany & Co. Dispute
In September 2020, following the cancellation of the Tiffany & Co. acquisition, Tiffany filed a lawsuit against LVMH to enforce the purchase or seek damages. LVMH planned a countersuit, alleging mismanagement by Tiffany.
October 2020: Agreement on Revised Tiffany & Co. Acquisition
Tiffany & Co. and LVMH reached an agreement in October 2020 for a revised takeover plan at a slightly reduced price of nearly $16 billion, down from the original $16.2 billion.
November 2020: Tiffany & Co. Dividend Payments
In November 2020, it was reported that Tiffany & Co. had continued to pay millions in dividends to shareholders despite financial losses during the COVID-19 pandemic, a factor in Arnault's decision to cancel the acquisition.
January 2021: Completion of Tiffany & Co. Acquisition
LVMH finalized the acquisition of Tiffany & Co. in January 2021, marking a significant expansion of the luxury goods conglomerate.
May 2021: LVMH Market Capitalization
Under Arnault's leadership, LVMH achieved a record market capitalization of €313 billion (US$382 billion) in May 2021, making it the largest company in the eurozone.
October 2022: Arnault Sells Private Jet After Flight Tracking Controversy
In October 2022, Bernard Arnault revealed that he sold his private jet, a Bombardier Global 7500 registered F-GVMA, after a Twitter user began tracking and publicizing its flights. He opted to rent private aircraft for personal and business travel instead.
2022: Restructuring of Agache
Arnault restructured Agache, his family holding company, into a joint-stock partnership in 2022 to ensure long-term family control over LVMH.
February 1, 2023: Delphine Arnault Appointed CEO of Dior
Delphine Arnault, Bernard Arnault's daughter, was appointed chief executive officer of the luxury brand Dior on February 1, 2023.
April 2023: Arnault's Peak Net Worth
Arnault and his family reached an estimated peak net worth of US$240.7 billion in April 2023, making him the richest person in the world, according to Forbes.
June 2023: Arnault's Net Worth Decline
Arnault's net worth decreased to $190 billion in June 2023, resulting in Elon Musk surpassing him as the world's richest person.
2023: Protectinvest Restrictions Lifted
The restrictions imposed by Protectinvest on the Arnault children's ability to sell shares in Pilinvest were lifted in 2023, when Arnault's youngest child turned 25.
May 2024: Bernard Arnault Named Richest Person in the World
As of May 2024, Bernard Arnault was named the richest person in the world by Forbes, with an estimated net worth of US$211 billion.
May 2024: Arnault Becomes World's Wealthiest Person
In May 2024, Bernard Arnault was named the wealthiest person in the world by the Bloomberg Billionaires Index, surpassing Jeff Bezos and Elon Musk with a net worth of approximately US $218 billion.
