Louis Vuitton CEO Bernard Arnault meets his adult children once a month for lunches where he "auditions" his children to prepare them for taking over his company.
Louis Vuitton CEO Bernard Arnault meets his adult children once a month for lunches where he "auditions" his children to prepare them for taking over his company.
With a net worth exceeding USD 200 billion, Bernard Arnault has surpassed Tesla CEO Elon Musk to become the richest person in the world. Chairman and CEO of LVMH Moet Hennessy Louis Vuitton, Arnault who has been spearheading the company since 1989, also became the third person to exceed the USD 200-billion mark this month, the numbers which were earlier graced by Elon Musk and Jeff Bezos.
The 74-year-old French business magnet who is currently preparing his children to look after the luxury empire, reportedly meets them once a month on lunches where he “auditions” them to check on their potential for future takeovers.
For the unversed, Bernard Arnault’s family comprises his second wife Hélène Mercier, and five children – Delphine, Antoine, Alexandre, Frédéric, and Jean, all of who are involved with his luxury brand company in various capacities.
Louis Vuitton CEO auditions his children on monthly lunches: Report
In a report published by the Wall Street Journal, the billionaire hosts a monthly lunch with his five adult children inside a private dining room at the headquarters of LVMH Moet Hennessy Louis Vuitton SE. The lunch which lasts for around 90 minutes begins with Arnault reading off some important topics on his iPad following which he discusses business strategies with his children.
He also goes around seeking advice from his five children on specific managers at LVMH and also whether there is any need for a “shake-up.”
While discussing business in the lunches, which is said to be a part of his long-term plans to prepare his children, Arnault simultaneously auditions them to check their potential for taking over the luxury empire, the WSJ report adds.
Notably, the businessman is yet to give any indication of whom he will choose as his successor.
Bernard Arnault’s wealth
As stated in the Bloomberg Billionaires Index, Louis Vuitton CEO Bernard Arnault has surpassed Tesla CEO Elon Musk to become the wealthiest person in the world. On 19 April, his net world was recorded as $208 billion. Arnault, who presently owns about half of Louis Vuitton, began by acquiring a controlling stake in the company back in 1989.
The company presently includes a portfolio of brands such as Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne.
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