Louis Vuitton

Bernard Arnault was a civil engineer who had made money in property development in the United States when he returned to France in 1984. He identified a failing textile conglomerate called Boussac Saint-Frères that owned, buried among its assets, Christian Dior. Arnault convinced the French government — worried about unemployment at Boussac's factories — to allow him to acquire the group for one franc, with a commitment to invest in the textile operations. He invested briefly in the textiles, sold most of them, and kept Dior. French businessmen called him "the wolf in cashmere."

Louis Vuitton had merged with Moët Hennessy in 1987 to create LVMH. The Vuitton and Hennessy families, alarmed at their vulnerability to takeover, invited Arnault to take a minority stake as a friendly shareholder. Arnault agreed, then quietly purchased enough shares on the open market to take control of LVMH entirely, manoeuvring around the founding families through a complex series of transactions. When the families realised what had happened, it was too late. Arnault became chairman of LVMH in 1989. The founding families sued and lost.

Arnault spent the 1990s and 2000s acquiring luxury brands at a pace that had no precedent in the industry: Givenchy, Bulgari, TAG Heuer, Loewe, Céline, Kenzo, Fendi, Berluti, and dozens more. His strategy was consistent: acquire iconic brands with heritage that had been mismanaged, invest in quality and distribution, position them at the top of their respective markets. Arnault's reputation for acquiring companies and ruthlessly restructuring them made him one of the most feared figures in European business.

LVMH acquired Tiffany & Co. in January 2021 for $15.8 billion — the largest acquisition in luxury history. The deal had been contested: LVMH had tried to withdraw after COVID-19 hit, Tiffany sued, and the acquisition was completed at a slightly reduced price after settlement. Arnault hired his son Alexandre to oversee Tiffany's transformation. Within two years, Tiffany's revenues had grown 50% and the brand had been repositioned as a genuine competitor to Cartier in high jewellery. The fine jewellery business tripled in four years under LVMH ownership.

LVMH reported 2025 revenue of €80.8 billion — down 5% on a reported basis and 1% organically from 2024's €84.7 billion — as the post-pandemic luxury spending boom continued to fade. Profit from recurring operations fell 9% to €17.8 billion, with operating margin contracting to 22%. Fashion & Leather Goods revenue fell from €41 billion to €37.8 billion, though the margin remained high at 35%. The second half of 2025 showed improvement, with 1% organic growth — and Arnault expressed cautious optimism for 2026. His five children all held senior roles at LVMH; the succession question was the most watched in European business. Arnault's net worth remained among the highest in the world. In April 2025, LVMH's board voted 99.18% to extend his retirement age to 85. He said: "We're a family group. We're not riveted to quarterly results."