Bernard Arnault meets his five children over lunch to groom them to run luxury empire: Report
By Team Newsable | First Published Apr 24, 2023, 11:55 AM ISTBernard Arnault, Chairman and CEO of Louis Vuitton (LVMH) and the world's richest man reportedly meets his five children once a month. Arnault then goes around the table asking his five adult children for advice.
The chairman of luxury conglomerate LVMH and richest man in the world, Bernard Arnault, reportedly meets his five children once a month for lunch at the headquarters of LVMH Moet Hennessy Louis Vuitton SE.
According to a media report, Bernard Arnault discusses the strategy of the luxury business empire during the discussion, which takes place in a private dining area. According to reports, the meal lasts around 90 minutes, and it starts with the billionaire reading the subjects for debate.
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These interactions are part of the decades-long plan to prepare his five children who will take over the company affairs when he is no longer there, the report said.
They serve as an effective audition for Arnault to choose who would lead the luxury enterprise. The billionaire has simply stated that his choice of a successor would be made on the basis of merit; he has not, however, revealed who that person will be.
According to reports, Bernard Arnault consults with his five adult children to get their input on managerial decisions at the firm or if it's time for a reorganisation at one of LVMH's many companies.
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The report said that these monthly sessions are part of the decades-long plan to prepare his children who will take over the company when he is no longer there.
According to the Bloomberg Billionaires Index, Arnaut overtook Tesla CEO Elon Musk as the richest person in the world in the latter part of last year. According to the index, he had $208 billion in assets as of April 19.
About half of the sizable luxury brand firm is owned by Arnault. He obtained a majority interest in LVMH in 1989. Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne are among the company's portfolio of brands.
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