French Billionaire Bernard Arnault, Chairman and CEO of Louis Vuitton, Uses Monthly Lunches to Prepare His Children For Succession
These regular gatherings appear to be a part of a larger plan to prepare his children for possible leadership roles inside the company.
Mumbai, April 24: The chairman and CEO of Louis Vuitton (LVMH), and the richest man in the world, Bernard Arnault, reportedly have lunch with his five children once a month in a private dining room at the company's headquarters. According to the reports, the French billionaire reads from his iPad and discusses strategy for his luxury business empire throughout the first half of the 90-minute lunch.
The 74-year-old billionaire reportedly consults with his five adult children on a regular basis about the direction of the business and the potential for reorganising its many businesses. This is thought to be a method for Arnault to assess his kids' chances of taking over the luxury enterprise. World Richest Man 2022: Bernard Arnault Replaces Elon Musk As World’s Richest Person.
He has not, however, provided any information regarding who would lead the business, saying that the choice will be made on the basis of merit. If reports are to be believed, these regular meetings appear to be a part of a bigger strategy to train his kids for potential leadership positions within the business.
Bernard Arnault's Net Worth?
According to the Bloomberg Billionaires Index, Bernard Arnault, the billionaire chairman of LVMH, is currently be the richest person on earth with a net worth of US$208 billion. Late last year, he passed Tesla CEO Elon Musk to become the world's richest man.
Arnault, who gained a majority interest in LVMH in 1989, owns roughly half of the conglomerate of luxury brands. In addition to Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne, the corporation is home to a wide variety of upscale brands. Elon Musk May Never Be the World's Richest Person Again, Here’s Why.
With Delphine being named head of Christian Dior, the second-largest brand in the empire, Arnault has also put his children to important roles within the business. While Frederic Arnault is the CEO of TAG Heuer, his son Antoine handles the holding company that is in charge of LVMH and the family riches. The eldest Arnault sibling, Alexandre, works as an executive at Tiffany, while Jean, the youngest, is in charge of marketing and product development for Louis Vuitton's watch division.
(The above story first appeared on LatestLY on Apr 24, 2023 04:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).