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- [Narrator] This man rubbing shoulders - [Narrator] This man rubbing shoulders
Narrator
This
man
rubbing
shoulders
with
with
X
the likes of
of
X
Natalie Portman, Paul McCartney
with the likes of Natalie Portman, Paul McCartney
with
the
likes
of
Natalie
Portman
Paul
McCartney
and Rihanna is French business mogul Bernard Arnault. and Rihanna is French business mogul
mogul
X
Bernard Arnault.
and
Rihanna
is
French
business
mogul
Bernard
Arnault
While he might not be as
as
X
recognizable as
as
X
those three,
While he might not be as recognizable as those three,
While
he
might
not
be
as
recognizable
as
those
three
he's got more money than
than
X
all of
of
X
them combined.
he's got more money than all of them combined.
he's
got
more
money
than
all
of
them
combined
Arnault is the world's richest person Arnault is the world's richest person
Arnault
is
the
world's
richest
person
with
with
X
a net worth of
of
X
$191 billion at
at
X
the start of
of
X
2023.
with a net worth
net worth
X
of $191 billion at the start of 2023.
with
a
net
worth
of
191
billion
at
the
start
of
2023
- He is one of
of
X
the most important businessmen in the world,
- He is one of the most important businessmen in the world,
He
is
one
of
the
most
important
businessmen
in
the
world
certainly the most important in France right now. certainly the most important in France right now.
certainly
the
most
important
in
France
right
now
- [Narrator] He is the CEO - [Narrator] He is the CEO
Narrator
He
is
the
CEO
of
of
X
LVMH Moët Hennessy Louis Vuitton,
of LVMH Moët Hennessy Louis Vuitton,
of
LVMH
Moët
Hennessy
Louis
Vuitton
which is basically the first word in
in
X
luxury.
which is basically the first word in luxury .
which
is
basically
the
first
word
in
luxury
In addition to Louis Vuitton, the conglomerate In addition to Louis Vuitton, the conglomerate
conglomerate
X
In
addition
to
Louis
Vuitton
the
conglomerate
includes brands such as
as
X
Dior, Tiffany's,
includes brands such as Dior, Tiffany's,
includes
brands
such
as
Dior
Tiffany's
and Belvedere Vodka. and Belvedere Vodka.
and
Belvedere
Vodka
- Luxury for
for
X
for
for
X
me is how can you create desire?
- Luxury for for me is how can you create desire?
Luxury
for
for
me
is
how
can
you
create
desire
- [Narrator] He's been in charge of
of
X
LVMH since
since
X
1989
- [Narrator] He's been in charge of LVMH since 1989
Narrator
He's
been
in
charge
of
LVMH
since
1989
and all of
of
X
his children
and all of his children
and
all
of
his
children
have powerful roles within
within
X
the business.
have powerful roles within the business.
have
powerful
roles
within
the
business
Here's how Bernard Arnault built his wealth Here's how Bernard Arnault built his wealth
Here's
how
Bernard
Arnault
built
his
wealth
and how he plans to
to
X
keep it under
under
X
family control.
and how he plans to keep it under family control.
and
how
he
plans
to
keep
it
under
family
control
(playful music) (paparazzi chatting) (playful music) (paparazzi chatting)
playful
music
paparazzi
chatting
The richest person in the world isn't a tabloid mainstay The richest person in the world isn't a tabloid mainstay
The
richest
person
in
the
world
isn't
a
tabloid
mainstay
or red carpet regular, or red carpet
red carpet
X
regular,
or
red
carpet
regular
even if he is seen on the front row even if he is seen on the front row
even
if
he
is
seen
on
the
front
row
at
at
X
his brands' fashion shows.
at his brands' fashion shows.
at
his
brands'
fashion
shows
- He's a guy who is somewhat shy. - He's a guy who is somewhat shy.
He's
a
guy
who
is
somewhat
shy
He's even maybe a tiny bit awkward. He's even maybe a tiny bit awkward
awkward
X
.
He's
even
maybe
a
tiny
bit
awkward
There's a saying, which gets repeated to
to
X
me constantly
There's a saying, which gets repeated to me constantly
There's
a
saying
which
gets
repeated
to
me
constantly
by
by
X
French billionaires and French CEOs, which is
by French billionaires and French CEOs, which is
by
French
billionaires
and
French
CEOs
which
is
(Nick speaking in French) (Nick speaking in French)
Nick
speaking
in
French
which basically means to
to
X
live happily,
which basically means to live happily,
which
basically
means
to
live
happily
you have to
to
X
live hidden.
you have to live hidden.
you
have
to
live
hidden
- [Narrator] The beginning of
of
X
the Arnault empire starts
- [Narrator] The beginning of the Arnault empire
empire
X
starts
Narrator
The
beginning
of
the
Arnault
empire
starts
with
with
X
an acquisition, which would become something
with an acquisition
acquisition
X
, which would become something
with
an
acquisition
which
would
become
something
of
of
X
a modus operandi for
for
X
him over
over
X
the next 30 years.
of a modus operandi for him over the next 30 years.
of
a
modus
operandi
for
him
over
the
next
30
years
In 1984, he took over
over
X
Boussac, the holding company
In 1984, he took over Boussac, the holding company
holding company
X
In
1984
he
took
over
Boussac
the
holding
company
that owned French fashion house Christian Dior. that owned French fashion house Christian Dior.
that
owned
French
fashion
house
Christian
Dior
- Christian Dior is maybe the most recognizable - Christian Dior is maybe the most recognizable
Christian
Dior
is
maybe
the
most
recognizable
and the most well-known fashion name in
in
X
the world.
and the most well-known fashion name in the world.
and
the
most
well-known
fashion
name
in
the
world
- [Narrator] He sold off
off
X
pretty much all
- [Narrator] He sold off pretty much all
Narrator
He
sold
off
pretty
much
all
of
of
X
the group's brands but
but
X
Dior,
of the group's brands but Dior,
of
the
group's
brands
but
Dior
and pulled it out of
of
X
bankruptcy.
and pulled it out of bankruptcy.
and
pulled
it
out
of
bankruptcy
In the late '80s, In the late '80s,
In
the
late
'80s
Dior's revival helped Arnault amass a stake Dior's revival helped Arnault amass a stake
stake
X
Dior's
revival
helped
Arnault
amass
a
stake
in
in
X
the recently founded LVMH,
in the recently founded LVMH,
in
the
recently
founded
LVMH
of
of
X
which he soon became the majority shareholder,
of which he soon became the majority shareholder
majority shareholder
X
,
of
which
he
soon
became
the
majority
shareholder
CEO and chairman. CEO and chairman
chairman
X
.
CEO
and
chairman
Over 30 years and several acquisitions later, Over 30 years and several acquisitions later,
Over
30
years
and
several
acquisitions
later
LVMH now includes 75 brands, LVMH now includes 75 brands,
LVMH
now
includes
75
brands
covering wine, jewelry, hotels and fashion. covering wine, jewelry, hotels and fashion.
covering
wine
jewelry
hotels
and
fashion
The European company has also expanded The European company has also expanded
expanded
X
The
European
company
has
also
expanded
into
into
X
China and the US where Arnault once joined
into China and the US where Arnault once joined
into
China
and
the
US
where
Arnault
once
joined
then President Donald Trump at
at
X
the opening
then President Donald Trump at the opening
then
President
Donald
Trump
at
the
opening
of
of
X
a Louis Vuitton factory in
in
X
Texas.
of a Louis Vuitton factory in Texas.
of
a
Louis
Vuitton
factory
in
Texas
- He's a great gentleman, a great businessman - He's a great gentleman, a great businessman
He's
a
great
gentleman
a
great
businessman
and he's really an artist. and he's really an artist.
and
he's
really
an
artist
To me, Bernard is an artist To me, Bernard is an artist
To
me
Bernard
is
an
artist
and what he's done is incredible. and what he's done is incredible.
and
what
he's
done
is
incredible
- [Narrator] The luxury giant now - [Narrator] The luxury giant now
Narrator
The
luxury
giant
now
has a market value of
of
X
nearly $438 billion
has a market value of nearly $438 billion
has
a
market
value
of
nearly
438
billion
and revenue last year was around
around
X
$86 billion.
and revenue last year was around $86 billion.
and
revenue
last
year
was
around
86
billion
These results have boosted Arnault's wealth These results have boosted
boosted
X
Arnault's wealth
These
results
have
boosted
Arnault's
wealth
and put him above
above
X
the likes
and put him above the likes
and
put
him
above
the
likes
of
of
X
big tech billionaires such as
as
X
Elon Musk and Jeff Bezos.
of big tech billionaires such as Elon Musk and Jeff Bezos.
of
big
tech
billionaires
such
as
Elon
Musk
and
Jeff
Bezos
While those men have seen their company shares drop While those men have seen their company shares drop
drop
X
While
those
men
have
seen
their
company
shares
drop
in
in
X
recent months, LVMH's share price
in recent months, LVMH's share price
in
recent
months
LVMH's
share
price
is up
up
X
over
over
X
165% since
since
X
lows in March of
of
X
2020.
is up over 165% since lows in March of 2020.
is
up
over
165
since
lows
in
March
of
2020
Though the stock market Though the stock market
Though
the
stock
market
is apparently not something Arnault pays attention to
to
X
.
is apparently not something Arnault pays attention to.
is
apparently
not
something
Arnault
pays
attention
to
(Bernard speaking in French) (Bernard speaking in French)
Bernard
speaking
in
French
- [Narrator] That price boost was thanks to a surge - [Narrator] That price boost was thanks to a surge
surge
X
Narrator
That
price
boost
was
thanks
to
a
surge
and demand for
for
X
luxury goods during
during
X
the pandemic
and demand for luxury goods during the pandemic
and
demand
for
luxury
goods
during
the
pandemic
when affluent shoppers were stuck at
at
X
home flush with
with
X
cash.
when affluent
affluent
X
shoppers were stuck at home flush
flush
X
with cash.
when
affluent
shoppers
were
stuck
at
home
flush
with
cash
And more recently, China's loosening And more recently, China's loosening
loosening
X
And
more
recently
China's
loosening
of
of
X
strict COVID-19 rules.
of strict COVID-19 rules.
of
strict
COVID-19
rules
The country is one of
of
X
the luxury industry's biggest markets.
The country is one of the luxury industry's biggest markets.
The
country
is
one
of
the
luxury
industry's
biggest
markets
- Bernard Arnault himself has a ton of
of
X
legitimacy
- Bernard Arnault himself has a ton of legitimacy
Bernard
Arnault
himself
has
a
ton
of
legitimacy
because he built up
up
X
this company from
from
X
scratch.
because he built up this company from scratch .
because
he
built
up
this
company
from
scratch
He built this empire through
through
X
several battles.
He built this empire
empire
X
through several battles.
He
built
this
empire
through
several
battles
He's obviously involved He's obviously involved
He's
obviously
involved
in all the key aspects of
of
X
the business.
in all the key aspects of the business .
in
all
the
key
aspects
of
the
business
- [Narrator] Also involved in key aspects of
of
X
the business
- [Narrator] Also involved in key aspects of the business
Narrator
Also
involved
in
key
aspects
of
the
business
are his five children who are often seen are his five children who are often seen
are
his
five
children
who
are
often
seen
with
with
X
him at
at
X
brand events.
with him at brand events.
with
him
at
brand
events
Let's meet the family. Let's meet the family.
Let's
meet
the
family
Arnault married his first wife, Anne Dewavrin, in 1973 Arnault married his first wife, Anne Dewavrin, in 1973
Arnault
married
his
first
wife
Anne
Dewavrin
in
1973
and they had two children, Delphine and Antoine. and they had two children, Delphine and Antoine.
and
they
had
two
children
Delphine
and
Antoine
Delphine is the newly minted CEO of
of
X
Christian Dior,
Delphine is the newly minted
minted
X
CEO of Christian Dior,
Delphine
is
the
newly
minted
CEO
of
Christian
Dior
while her younger brother, Antoine, while her younger brother, Antoine,
while
her
younger
brother
Antoine
is CEO of
of
X
the family holding company.
is CEO of the family holding company
holding company
X
.
is
CEO
of
the
family
holding
company
After divorcing Anne, Arnault married Helene Mercier After divorcing Anne, Arnault married Helene Mercier
After
divorcing
Anne
Arnault
married
Helene
Mercier
and had three more children. and had three more children.
and
had
three
more
children
Alexandre holds an executive vice president position Alexandre holds an executive
executive
X
vice president position
Alexandre
holds
an
executive
vice
president
position
at
at
X
Tiffany's, the American jeweler LVMH took over
over
X
in
in
X
2021.
at Tiffany's, the American jeweler LVMH took over in 2021.
at
Tiffany's
the
American
jeweler
LVMH
took
over
in
2021
Frederic is CEO of
of
X
watchmaker Tag Heuer,
Frederic is CEO of watchmaker Tag Heuer,
Frederic
is
CEO
of
watchmaker
Tag
Heuer
and Jean heads up
up
X
marketing development
and Jean heads up marketing development
and
Jean
heads
up
marketing
development
for
for
X
Louis Vuitton watches.
for Louis Vuitton watches.
for
Louis
Vuitton
watches
(Bernard speaking in French) (Bernard speaking in French)
Bernard
speaking
in
French
- [Narrator] The Arnaults own more than
than
X
97% of
of
X
Dior,
- [Narrator] The Arnaults own more than 97% of Dior,
Narrator
The
Arnaults
own
more
than
97
of
Dior
which in
in
X
turn owns 41% of
of
X
LVMH.
which in turn owns 41% of LVMH.
which
in
turn
owns
41
of
LVMH
The family also owns close to
to
X
7% of
of
X
LVMH directly.
The family also owns close to 7% of LVMH directly.
The
family
also
owns
close
to
7
of
LVMH
directly
On top of
of
X
that,
On top of that,
On
top
of
that
they have total voting rights of
of
X
more than
than
X
60%.
they have total voting rights of more than 60%.
they
have
total
voting
rights
of
more
than
60
- So essentially what the Arnaults - So essentially what the Arnaults
So
essentially
what
the
Arnaults
and what Bernard Arnault himself decides and what Bernard Arnault himself decides
and
what
Bernard
Arnault
himself
decides
goes in
in
X
that company.
goes in that company.
goes
in
that
company
- [Narrator] And Arnault has taken steps - [Narrator] And Arnault has taken steps
Narrator
And
Arnault
has
taken
steps
to
to
X
ensure his family retains control over
over
X
the empire.
to ensure his family retains control over the empire
empire
X
.
to
ensure
his
family
retains
control
over
the
empire
Last year, LVMH voted to
to
X
raise the age limit of
of
X
its CEO,
Last year, LVMH voted to raise the age limit of its CEO,
Last
year
LVMH
voted
to
raise
the
age
limit
of
its
CEO
meaning the 73-year-old Arnault could remain meaning the 73-year-old Arnault could remain
meaning
the
73-year-old
Arnault
could
remain
in
in
X
charge until
until
X
he's 80, if he wishes.
in charge until he's 80, if he wishes.
in
charge
until
he's
80
if
he
wishes
He also changed the structure of
of
X
the family holding company.
He also changed the structure of the family holding company
holding company
X
.
He
also
changed
the
structure
of
the
family
holding
company
- The children will each have a 20% stake in
in
X
this structure
- The children will each have a 20% stake
stake
X
in this structure
The
children
will
each
have
a
20
stake
in
this
structure
and they can't sell their shares for
for
X
30 years
and they can't sell their shares for 30 years
and
they
can't
sell
their
shares
for
30
years
and it essentially will keep the shares and it essentially will keep the shares
and
it
essentially
will
keep
the
shares
in
in
X
the family even beyond
beyond
X
that.
in the family even beyond that.
in
the
family
even
beyond
that
And it's one of
of
X
the kind
And it's one of the kind
And
it's
one
of
the
kind
of
of
X
favorite pastimes in Parisian business circle
of favorite pastimes in Parisian business circle
of
favorite
pastimes
in
Parisian
business
circle
to
to
X
kind of
of
X
watch his children
to kind of watch his children
to
kind
of
watch
his
children
and track their progress with
with
X
a view to
to
X
succession.
and track their progress with a view to succession
succession
X
.
and
track
their
progress
with
a
view
to
succession
- [Narrator] Arnault has not publicly named a successor - [Narrator] Arnault has not publicly named a successor
Narrator
Arnault
has
not
publicly
named
a
successor
but
but
X
whoever it is will inherit a company
but whoever it is will inherit a company
but
whoever
it
is
will
inherit
a
company
that has successfully navigated the pandemic that has successfully navigated the pandemic
that
has
successfully
navigated
the
pandemic
amid
amid
X
concerns for
for
X
the future of
of
X
the industry.
amid concerns for the future of the industry.
amid
concerns
for
the
future
of
the
industry
High inflation and the war in Ukraine High inflation
inflation
X
and the war in Ukraine
High
inflation
and
the
war
in
Ukraine
have prompted estimates of
of
X
a slowdown
have prompted estimates of a slowdown
have
prompted
estimates
of
a
slowdown
in
in
X
luxury good sales in
in
X
2023.
in luxury good sales in 2023.
in
luxury
good
sales
in
2023
And in China, a recent wave And in China, a recent wave
wave
X
And
in
China
a
recent
wave
of
of
X
COVID infections means life there remains disrupted.
of COVID infections means life there remains disrupted.
of
COVID
infections
means
life
there
remains
disrupted
Economists also haven't ruled out a global recession. Economists also haven't ruled out a global recession
recession
X
.
Economists
also
haven't
ruled
out
a
global
recession
For now though at
at
X
least,
For now though at least,
For
now
though
at
least
the luxury market's wealthy customers seem happy the luxury market's wealthy customers seem happy
the
luxury
market's
wealthy
customers
seem
happy
to
to
X
keep spending.
to keep spending.
to
keep
spending
- The luxury goods industry - The luxury goods industry
The
luxury
goods
industry
has been a good one for
for
X
investors
has been a good one for investors
has
been
a
good
one
for
investors
in part because global wealth every year is rising. in part because global wealth every year is rising.
in
part
because
global
wealth
every
year
is
rising
And so more and more people are coming And so more and more people are coming
And
so
more
and
more
people
are
coming
into
into
X
the luxury goods market each year
into the luxury goods market each year
into
the
luxury
goods
market
each
year
and that's obviously good for
for
X
LVMH, for
for
X
Bernard Arnault,
and that's obviously good for LVMH, for Bernard Arnault,
and
that's
obviously
good
for
LVMH
for
Bernard
Arnault
and for
for
X
people selling luxury goods.
and for people selling luxury goods.
and
for
people
selling
luxury
goods
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