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Tuesday, April 16, 2024

Auditions over lunches: How Bernard Arnault grooms his children for leadership

The chairman and CEO of Louis Vuitton (LVMH) and richest man in the world, Bernard Arnault, allegedly had lunch with his five children once a month in a private dining room at the LVMH Moet Hennessy Louis Vuitton SE headquarters. The Wall Street Journal said that the 90-minute meal started with the French billionaire reading the conversation subjects from his iPad. Mr. Arnault talks strategy at his vast network of luxury companies.

Then, according to the WSJ, Mr. Arnault walks around the table and solicits input from his five grown children. According to the sources, the 74-year-old billionaire wants advice on certain managers at the firm or if it’s time for a reorganisation at one of LVMH’s many companies.

They serve as an effective audition for Mr. Arnault to select who would lead and run the luxury enterprise. The billionaire has merely declared that his successor would be chosen on merit; however, he has not specified who that person will be.

According to reports, he has been preparing his children to run the business after his death for decades through these monthly meetings.

Mr Arnaut surpassed Elon Musk (Tesla CEO) as the world’s richest person late last year. On April 19, his net worth was $208 billion.

About half of the sizable luxury brand corporation is owned by Mr. Arnault. In the year 1989, he bought a majority share in LVMH. Among the company’s brands are Sephora, Bulgari, Louis Vuitton, Tiffany, TAG Heuer, and also Dom Perignon champagne.

The richest guy in the world has also given his kids prominent jobs at the business. The eldest of his children, Delphine, was chosen to lead Christian Dior, the second-largest brand in the company. Her brother Antoine was assigned the responsibility of running the holding company that controls LVMH and Mr. Arnault’s family riches, according to the source. Alexandre Arnault works for Tiffany, Jean Arnault, the youngest of the Arnault siblings, is in command of product development and marketing for Louis Vuitton’s watch division, and Frederic Arnault is the CEO of TAG Heuer.

Newsdesk

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