The luxury fashion industry is known for its high-end products and hefty price tags. One of the most recognizable names in this industry is Louis Vuitton, which has been around for over a century.
But have you ever wondered who owns this iconic brand and how much they are worth? Let’s take a closer look.
The Man Behind the Brand
Louis Vuitton was founded in 1854 by French designer Louis Vuitton. However, the current owner of the brand is not a descendant of its founder. In fact, Bernard Arnault, who heads LVMH (Louis Vuitton Moët Hennessy), is the man behind the brand today.
Bernard Arnault’s Background
Arnault was born on March 5, 1949, in Roubaix, France. He studied engineering at the École Polytechnique in Paris and then went on to earn an MBA from École des Hautes Études Commerciales de Paris (HEC Paris). After finishing his studies, Arnault went to work for his father’s construction company.
In 1984, Arnault made his first move into the luxury goods market by acquiring Boussac Saint-Frères, a textile company that owned Christian Dior. He revitalized the struggling brand and eventually became CEO of Dior’s parent company.
Arnault’s Net Worth
Today, Bernard Arnault is one of the richest people in the world. According to Forbes’ Real-Time Billionaires list, as of October 2021, he has a net worth of $198 billion USD.
- This makes him the third-richest person on earth.
- Arnault is also France’s richest person and Europe’s richest man.
- He owns over 97% of Christian Dior SE through his holding company, Groupe Arnault.
LVMH’s Success
Under Arnault’s leadership, LVMH has become the world’s largest luxury goods conglomerate, with over 70 brands under its umbrella. These include Louis Vuitton, Christian Dior, Fendi, Givenchy, and more.
Arnault has been instrumental in the success of LVMH by focusing on expanding the company’s reach into emerging markets like China and India. He also encourages innovation and creativity within the company and has made strategic acquisitions to strengthen LVMH’s position in the market.
Conclusion
In conclusion, while Louis Vuitton was founded by a man named Louis Vuitton in 1854, it is currently owned by Bernard Arnault through his conglomerate LVMH. Arnault’s net worth is estimated to be $198 billion USD as of October 2021, making him one of the richest people in the world. His leadership has transformed LVMH into a global powerhouse in the luxury goods market.