Slideshow tribute to Bernard Arnault.

Slideshow tribute to Bernard Arnault.

Bernard Jean Étienne Arnault (French: [bɛʁnaʁ ʒɑ̃ etjɛn aʁno]; born 5 March 1949) is a French business magnate, investor, and art collector.[1][2] He is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton, the world's largest luxury goods company.[3] Arnault and his family have an estimated net worth of US$230 billion as of July 2023, according to Forbes, making him one of the wealthiest people in the world.[4]

In 2007, Blue Capital announced that Arnault owned jointly with the California property firm Colony Capital 10.69% of France's largest supermarket retailer and the world's second-largest food distributor Carrefour.[26]

In 2008, he entered the yacht business and bought Princess Yachts for 253 million euros.[27] He subsequently took control of Royal van Lent for an almost identical amount.[28]

From 2010 until 2013, Arnault was a member of the Board of Advisors of the Malaysian 1MDB fund.[29][30][31][32]

On 7 March 2011, Arnault announced the acquisition of 50.4% of family-owned shares of the Italian jeweler Bulgari, to make a tender offer for the rest, which was publicly owned.[33] The transaction was worth $5.2 billion.[34] In 2011, Arnault invested $641 million in establishing LCapitalAsia.[35] On 7 March 2013, National Business Daily reported that mid-priced clothing brand QDA would open stores with the assistance of Arnault's private equity firm LCapitalAsia and Chinese apparel company Xin Hee Co., Ltd. in Beijing.[35] In February 2014, Arnault entered into a joint venture with the Italian fashion brand Marco De Vincenzo, taking a minority 45% stake in the firm.[36][37] In 2016, LVMH sold DKNY to G-III Apparel Group.[38] In April 2017, Arnault announced the acquisition of Christian Dior haute couture, leather, both men and women's ready-to-wear, and footwear lines, which integrated the entire Christian Dior brand within LVMH.[39]

By January 2018, Arnault had led the company to record sales of €42.6 billion in 2017, 13% over the previous year, as all divisions turned in strong performances. That same year, the net profit increased by 29%.[40] In November 2019, Arnault planned to acquire Tiffany & Co. for approximately US $16.2 billion. The deal was expected to close by June 2020.[41] LVMH then stated in September 2020 indicating that the takeover would not proceed and that the deal was "invalid" because Tiffany handled the business during the COVID-19 pandemic.[42] Subsequently, Tiffany filed suit against LVMH, asking the court to compel the purchase or to assess damages against the defendant; LVMH planned to counter sue, alleging that mismanagement had invalidated the purchase agreement.[43] In mid-September 2020, a reliable source told Forbes that the reason for Arnault's decision to cancel the Tiffany purchase was purely financial: Tiffany was paying millions in dividends to shareholders despite a financial loss of US$32 million during the pandemic. Upon examination of financial records, Arnault discovered that some US$70 million had already been paid out by Tiffany, with an additional US$70 million scheduled to be paid in November 2020.[44] LVMH filed a counterclaim against the court action commenced by Tiffany; a statement issued by LVMH blamed Tiffany's mismanagement during the pandemic and claimed that it was "burning cash and reporting losses".[45] In late October 2020, Tiffany and LVMH agreed to the original takeover plan, though at a slightly reduced price of nearly $16 billion, a minor reduction of 2.6% from the aforementioned deal. The new deal reduced the amount paid per share by LVMH from the original price of $135 to $131.50.[46] LVMH completed the purchase of Tiffany in January 2021.

#supportmychannel #rumbleverse #contentcreator #followforfollowback #instagram #viralvideo #support #facebook
#share #supportmychannel #rumbleverse #contentcreator #followforfollowback #instagram #viralvideo #support #facebook #terrorsquad #soulmusic #canada #detroit #football #world #china #brazil #cincinnati #seattleseahawks #california #florida #actionstar #actionmovies #movie star #femaleartist #actress #movies #emmyawards #goldenglobesawards #academyawards #hollywoodmovies #hollywoodwalkoffame #like #likeforlikes #views #slideshow #tribute #bio #wikipedia #money #business #blackculture moviestar #maleactor #actress #movies #emmyawards #goldenglobesawards #academyawards #hollywoodmovies #hollywoodwalkoffame #like #likeforlikes #views #slideshow #actor #singer #music #hiphop #popmusic #rapmusic #randbmusic#producer #writer #author #director #actors #shortsfeed #shortsyoutube #shortvideo #shortsfeed #matrix #whatslovegottodowithit #johnwick #hook #mrsdoubtfire #mentalhealth #ipman #rogueone #newyork #nwa #westcoast #compton #fastandfuriousx #aquaman #antman #nbc #abc #newjersey #georgia #houston #texas #wutang #power #belly #bikerboyz #crash #deadpresidents #jacksonville #asia #japan #india #billionaire #bernardarnault