LVMH tycoon doubles down on sport after Olympics triumph
Bernard Arnault, the richest man in Europe and sometimes the world, is following the zeitgeist – and perhaps ironing out a few family issues as well.
FILE - CEO of LVMH Bernard Arnault presents the group's 2019 results during a press conference, on Jan. 28, 2020, in Paris. With a major sponsorship role aimed at burnishing the image of the Paris 2024 Summer Olympic Games and the French capital, it's a new chapter in LVMH's specialty of selling exclusivity at a grand scale under its chair and CEO, Arnault. (AP Photo/Thibault Camus, File) nnaBGossling
In business, his rivals would be the first to admit it. Bernard Arnault, the richest man in France, Europe and sometimes the world, plays to win. The Gallic tycoon with the steely blue gaze bought Christian Dior in 1984 for $US15 million. Since then, he has turned Moët Hennessy Louis Vuitton (LVMH) into the world’s biggest luxury goods firm, slaying a hecatomb of adversaries along the way.
With a market capitalisation of €318 billion ($515.2 million), its portfolio of companies encompasses fancy trunk-maker Louis Vuitton, jeweller Tiffany & Co, suitcase line Rimowa and champagne maker Moët & Chandon, as well as Dior. In all, LVMH has 75 fashion and cosmetics brands.
