Inside the rise of Bernard Arnault, world’s richest man: the LVMH billionaire owns luxury brands Louis Vuitton and Dior, was a friend to Steve Jobs and Karl Lagerfeld, and is a rival to François Pinault

Apr 28 , 2023

French luxury group LVMH chairman and CEO Bernard Arnault (pictured) is the world’s richest man, surpassing Elon Musk and Jeff Bezos in 2023. Photo: AFP

Dubbed ‘the wolf in the cashmere coat’, the world’s richest man Bernard Arnault studied engineering at university before buying up LVMH to become the company’s largest shareholder

The luxury goods mogul has rubbed shoulders with Donald Trump and Vladimir Putin, was a friend to Steve Jobs and Karl Lagerfeld, and has a long-standing rivalry with Kering CEO, François Pinault

When it comes to the world of luxury goods, perhaps no one is more successful than Bernard Arnault.

Arnault, the 74-year-old chairman of LVMH, has built his fortune over the span of almost four decades, amassing a luxury-goods empire that includes some of the best-known names in fashion, jewellery and alcohol, including Louis Vuitton, Tag Heuer and Dom Pérignon.

The French businessman owns a 97.5 per cent stake in Christian Dior, which controls 41.4 per cent of LVMH. Along the way, Arnault has brought his five adult children into the fold, building a family-run business that has resulted in the world’s largest fortune.

Here’s how Arnault got his start and became the richest person in the world.

Bernard Arnault studied engineering

Bernard Arnault, billionaire and chief executive officer of LVMH, speaks as the luxury brand announces full year earnings in Paris, France, in January 2020. Photo: Bloomberg

Arnault comes from the northern French town of Roubaix. He studied engineering at one of France’s most prestigious schools, the École Polytechnique. After graduating, Arnault went to work for his father’s construction company, Ferret-Savinel.

He acquired an ailing company in 1984

Bernard Arnault pictured in 1988. Photo: Getty Images

In 1984, Arnault acquired an ailing company called Agache-Willot-Boussac, which owned brands like French department store Bon Marché and the fashion house Christian Dior. He renamed the firm Financière Agache and initiated a turnaround, cutting costs and selling some of its businesses. Soon after, he bought fashion house Celine and funded the French designer Christian Lacroix.