#BernardArnault, #ForbesRichestList, #LouisVuitton
IBNS-CMEDIA: Bernard Arnault, the chairman and CEO of luxury conglomerate LVMH Moët Hennessy Louis Vuitton SA, has topped Forbes’ World’s Billionaires list for the second year, media reports said.
With an estimated wealth of $233 billion, Arnault maintains a significant lead of $38 billion over his nearest rival, Elon Musk.
This impressive surge in wealth is credited to another outstanding year for LVMH, which recorded a net profit of $16.5 billion on revenues of $94 billion in 2023.
Arnault’s rise to becoming the world’s richest person is attributed to strategic acquisitions and forward-thinking leadership.
He initially appeared on the billionaires list in 1997 with a wealth of $3.1 billion.
Over time, he has revolutionised LVMH into a dominant force, acquiring renowned brands like Tiffany & Co. and partnering with international icons such as Rihanna.
A milestone was achieved when LVMH became the first European company to reach a market capitalisation of $500 billion in April 2023.
At the age of 75, Arnault actively works towards securing the perpetuation of his legacy and maintaining familial control over LVMH.
To fortify this strategy, he has suggested the inclusion of his sons Alexandre and Frédéric on LVMH’s board, alongside his two eldest children, Antoine and Delphine.
This proposal comes after a strategic restructuring in 2022 that balanced the ownership stakes of his five children in his holding company, Agache.
This strategy is designed to ensure the Arnault family’s sway over LVMH for future generations.
