'One Lunch Every Month', Why The World's Richest Person Bernard Arnault Is Auditioning His 5 Children

Bernard Arnault, who in recent months has taken overtaken Elon Musk as the?world's richest person,?has reportedly been auditioning each of his five children to decide the successor of his luxury empire LVMH.?

Yesterday itself, the billionaire's business empire?LVMH became the first European company to cross?$500 billion?market?capitalization (m-cap).

One Lunch Every Month To Decide Successor

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The French billionaire, whose networth crossed the $200 billion mark earlier this month, gathers his four sons and a daughter for a 90-minute lunch once a month inside a private dining room at the headquarters of LVMH where he asks each of his children for advice on topics prepared beforehand, as per?the Wall Street Journal (WSJ) report.

Bernard Arnault has said that his successor would be chosen on merit but has given no indication of who it might be.??

Billionaire Arnault seeks an opinion on specific managers at the company, effectively auditioning his adult children to see who will take over the luxury empire which currently spans from the Champagne vineyards of France to handbag-making workshops in Italy and Texas. LVMH's list of brands in the portfolio includes Louis Vuitton, Christian Dior, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne.

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As per the report, these monthly lunch meetings are part of the 74-year-old billionaire's decades-long plan to prepare his children to take over LVMH as successors after him.?

Also Read:?The Success Story Of?Bernard?Arnault

What His Five Children Currently Do

Currently, all five of Bernard's children hold important positions within the luxury empire LVMH.?

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Delphine, the eldest child and only daughter, was named as chairperson and CEO of the second-largest brand in the empire Christian Dior on February 1st 2023.. Her brother Antoine Arnault, who is the oldest son of billionaire Bernard,?was reportedly given the position of managing the holding firm that oversees LVMH and the family's fortune.

Bernard's other children include Frederic Arnault, who is the CEO of TAG Heuer, and Alexandre Arnault, who is an executive at Tiffany, while the youngest, Jean Arnault, is in charge of marketing and product development for Louis Vuitton's watch department.

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