From 'Saturday Ritual' To 'Gucci War': 10 Lesser Known Facts About World's Richest Person Bernard Arnault

Elon Musk’s $44 billion Twitter acquisition, along with the sale of Tesla shares multiple times last year, played a part in him losing the title of being the world’s richest person.

And it was?Bernard Arnault, the co-founder, chairman, and CEO of Louis Vuitton’s parent company, LVMH Mo?t Hennessy Louis Vuitton, who replaced him as the world’s richest person last month.

As per Forbes, Arnault has a net worth of over $191 billion currently, whereas the Bloomberg Billionaire Index mentions his net worth as $169 billion.

While his?success story is in itself inspirational, there are many facts about him that most people are unaware of. So let us bring to you some lesser-known facts about the world's richest person, Bernard Arnault.

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10 Lesser-Known Facts About Bernard Arnault

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1. His First Job Was With A Construction Firm?

Born on March 5, 1949, in France, Arnault graduated in 1971 from the ?cole Polytechnique, France's leading engineering school, and began working for his father's construction company, Ferret-Savinel. He was its president from 1978 to 1984.

2. "War With Gucci"

Arnault had started buying shares of?Gucci?in 1995 and held a 35% stake in the Gucci group. This was met with resistance from the group, which enlisted the help of Francois Pinault, the head of Pinault-Printemps-Redoute, later renamed PPR. PPR's involvement in thwarting LMVH's plan to take over Gucci had made it the third-largest luxury goods company in the world, as per an iBTimes report.

That’s how Arnault lost Gucci to Pinault after an almost three-year battle. Speaking about Pinault's involvement in his fight for Gucci, Arnault reportedly said, "It's true that I was surprised to see Franois Pinault attacking our group in the Gucci affair; even more so because before that I had a very friendly relationship with him. You could say to me that I should have been more on my guard, and you would have been right."

And this war for Gucci had sparked Arnault’s long-standing and expensive rivalry with Francois Pinault. "If I understand it properly, his efforts consist of trying to imitate what we have done with LVMH, on a smaller scale. It is always flattering to be imitated," Arnault had told Time magazine.

3. The Saturday Ritual

Not many are aware that the world’s richest person, Bernard Arnault, visits as many as 25 stores every Saturday,?including both his and those of his competitors, as per Forbes. He offers suggestions to his staff and even rearranges products on display.?

4. He bought a bankrupt company and turned it into a profitable one

In 1984, Bernard had bought a nearly bankrupt company, Agache-Willot-Boussac, which was into retail fashion and manufacturing. The investment was his passageway to the luxury business world, as per various media reports. Arnault laid off 9,000 workers in two years at that firm and then sold nearly all of the assets, keeping only the Christian Dior brand and Le Bon Marche, which he was interested in. By 1987, the company was profitable again.

5. Warren Buffet and Steve Jobs are his role models

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During his time as a young entrepreneur, Bernard Arnault looked up to big names like Warren Buffet and Steve Jobs.?According to the Discoverwalks report, he regarded Steve Jobs as a brilliant mind who revolutionised telecommunications.

In an interview carried out by Forbes magazine, Arnault said that the person he admires the most in business is?Warren Buffet, for his brilliant ideas and his long-term investing.

Also Read:?The Company That Made?Steve Jobs?A Billionaire For The First Time

6. He is a trained classical pianist

Not many are aware that Arnault is a classically trained as a pianist, but he concluded early in life that he did not have the mettle for a career as a concert pianist. Arnault reportedly made time to practice Chopin, Liszt, and Schumann.? His favorite composer is Chopin. He had reportedly played Chopin and other classical composers to woo his second wife, Helene Mercier, a world-renowned concert pianist.

7. He is yet to choose a successor amongst his 5 children

As per Forbes,?LVMH’s 73-year-old CEO, Bernard Arnault, is said to be deciding which of his five children will take over the empire soon.

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All five of his children currently work in his empire. According to the IBTimes, Frédéric is the CEO of TAG Heuer, Delphine is the Executive Vice President of Louis Vuitton, Antoine is the CEO of Christian Dior SE, and Alexandre is the executive vice president of product and communications at Tiffany & Co.??

8. He had applied for Belgian citizenship

In 2013, it was disclosed that Arnault planned to apply for Belgian citizenship and was considering moving to Belgium.?In April 2013, Arnault said that he had been misquoted and that he never intended to leave France: "I repeatedly said that I would stay as a resident in France and that I would continue to pay my taxes. Requesting Belgian nationality was to better protect the foundation that I created with the sole purpose of ensuring the continuity and integrity of the LVMH group if I were to disappear."

On April 10, 2013, Arnault announced he had decided to abandon his application for Belgian citizenship, saying he did not want the move to be misinterpreted as a measure of tax evasion at a time when France faced economic and social challenges.

9. Became Richest Person in Fashion In 1999

In April 1999, Bernard Arnault had become the richest person in fashion, topping Zara's Amancio Ortega,?who founded Zara’s parent company, Inditex Fashion Group.

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10. Prestigious art collection

Bernard Arnault's prestigious art collection reportedly includes work by Picasso, Yves Klein, Henry Moore, and Andy Warhol.

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