World’s richest person auditions his children to run his luxury empire; know all about LMVH succession race
Produced by: Harshita Tyagi
Designed by: Pragati
Bernard Arnault, the world's richest person with a net worth of $213 billion (as per Bloomberg Billionaires Index on April 25), has been auditioning his children to take over his luxury conglomerate, Möet Hennesy Louis Vuitton (LVMH), according to recent reports by the Wall Street Journal.
LMVH succession race
The French billionaire frequently convenes his four sons and daughter reportedly for a 90-minute lunch in a private dining room at LVMH's headquarters, where he seeks their opinions on topics that are prepared beforehand.
Monthly 90-minute
lunch with children
Bernard Arnault's monthly sessions with his children are part of his long-term plan to prepare them to take over LVMH after him. These meetings, coupled with his recent decision to raise the retirement age of LVMH's chairman and CEO to 80, indicate that the French billionaire is preparing for a smooth transition of power.
Bernard Arnault to
retire at 80
The LMVH succession race reminds you of HBO’s Emmy-winning drama Succession, which depicts a wealthy media mogul and his four children vying for control of their family's media conglomerate, Waystar Royco.
HBO's Succession in reality
The HBO show Succession is actually loosely inspired by billionaire Rupert Murdoch and his family. Like Logan Roy from the hit show, now the LMVH chairman Bernard Arnault, the patriarch, is grooming his children to take over the family business.
Bernard Arnault grooming
his kids to take over LMVH
During these monthly sessions, Bernard Arnault reportedly evaluates his children's capabilities, effectively auditioning them to see who will succeed him as chief executive and chairperson of the $500-billion empire that includes luxury brands like Louis Vuitton, Christian Dior, Tiffany & Co, Bulgari, and Sephora.
What Bernard Arnault
is looking for
Bernard Arnault led LMVH through an ambitious development plan, transforming it into one of the largest luxury groups in the world, alongside Swiss luxury giant Richemont and French-based Kering. The success has earned him the nickname, "Wolf in Cashmere."
The 'Wolf in Cashmere'
Although Bernard Arnault has stated that his successor will be chosen on merit, he has not disclosed who this individual will be. At present, his children hold critical positions within LVMH.
Bernard Arnault's successor
Delphine, Bernard Arnault's eldest child and only daughter, leads the second-largest brand in the empire, Christian Dior. Meanwhile, his second child Antoine manages the holding firm that oversees LVMH and the family's fortune.
Arnault's kids at LMVH
Bernard Arnauld's other son Frederic Arnault is the CEO of TAG Heuer, Alexandre Arnault is an executive at Tiffany, and Jean Arnault oversees marketing and product development for Louis Vuitton's watch department.
LMVH heir hold key positions
Bearnard Arnault's move to elevate his children has amplified a long-standing predicament, namely, who will succeed the billionaire as the head of the world's largest luxury conglomerate.