“With all these stories, the group had a plane and we sold it,” Arnault said on Radio Classique, which is owned by LVMH. “The result now is that no one can see where I go because I rent planes when I use private planes.”
Billionaire Battles
Though built on mostly successful acquisitions, LVMH and Arnault have had famous losses, too.
He was bested by Francois Pinault, one of France’s richest people, in buying Gucci, which is now part of Kering SA. He also failed in a hostile takeover attempt of Hermes International, the Birkin bag maker owned by the country’s richest family. A member of the Hermes clan called him “a wolf in cashmere” for the predatory ways he attempted to take over their company.
Arnault is building a dynasty of his own within LVMH. He has five children from two marriages, all of whom currently work at the firm or one of its brands. His second child, Antoine, 45, just got an expanded role at holding company Christian Dior SE.
Arnault, who’s known to keep a strict diet and play tennis regularly, is also an art collector and led the opening in 2014 of the Fondation Louis Vuitton in Paris’s Bois de Boulogne. The venue is a monumental private art museum designed by Frank Gehry, meant to house LVMH’s corporate collection as well as Arnault’s.
Bloomberg’s wealth index estimates the vast majority of Arnault’s fortune stems from his 97.5% stake in Christian Dior, which, in turn, controls about 41% of LVMH. The family holds an additional LVMH stake of roughly 6%.
Arnault has an estimated $10.3 billion in cash and other assets, based on an analysis that includes dividends, taxes and charitable contributions.
Arnault becomes the fifth person ever to rank No. 1 on Bloomberg’s wealth index since it debuted in 2012. The others: Carlos Slim, Bill Gates, Jeff Bezos and Musk.
—With assistance from Julien Ponthus.
This article was provided by Bloomberg News.