LVMH Moët Hennessy Louis Vuitton SE

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 — which was 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 textile operations, 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 that the merger might leave them vulnerable to a hostile 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, maneuvering 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. Some acquisitions were welcomed; others were contested. Arnault's reputation for acquiring companies and then 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 immediately hired Alexandre Arnault — his son — to oversee Tiffany's transformation. Within two years, Tiffany's revenues had grown by 50% and the brand had been repositioned as a genuine competitor to Cartier in the high jewellery market.

Bernard Arnault became the richest person in the world in 2023, with a fortune exceeding $200 billion — surpassing Elon Musk and Jeff Bezos. He was 74 years old. His five children all work at LVMH in senior roles; the succession question — which child will eventually control the empire — is one of the most watched in European business. LVMH's market capitalisation exceeded €400 billion, making it Europe's most valuable company. The engineer who had bought a failing textile group for one franc had built something without precedent in the history of commerce.