Bernard Arnault News: Bernard Arnault, the chairman and CEO of Louis Vuitton (LVMH), currently the world’s richest businessman, has started an audition process to choose a successor from among his five children.
According to reports, the world’s richest businessman has auditioned five children at the headquarters of LVMH Moët Hennessy Louis Vuitton SE. As per reports, the audition was held in a private lunch room and the five children discussed for 90 minutes to choose their successor.
According to a Wall Street Journal report, Bernard Arnault meets his five children for lunch once a month inside the company’s private dining room. The Wall Street Journal noted that the lunch lasted 90 minutes and that the French billionaire began reading discussion topics on his iPad, and then the conversation began.
Over lunch, billionaire businessman Arnault discusses with his children the future strategy for his luxury business empire.
audition to find a successor
According to the WSJ, Bernard Arnault seeks advice from all five of his adult children regarding the company. According to reports, the 74-year-old billionaire businessman visited his children during lunch and consulted them. Company watchers say Bernard Arnault is likely to announce his successor once he completes the search.
Company experts said that it seems that the time is now for a change in the LVMH company.
Reportedly, Bernard Arnault effectively auditions his children to see who is the right candidate to take over his luxury product empire. Although the billionaire businessman has not given any indication as to who he would choose as his successor, he has said that the successor will be selected on the basis of merit.
The monthly sessions are part of a decades-long plan to groom his children, who will take over the reins of the company in his absence, reports the WSJ.
Bernard Arnault overtook Tesla CEO Elon Musk as the world’s richest businessman late last year, according to the Bloomberg Billionaires Index. According to the index, on April 19, his wealth was $ 208 billion.
Let us tell you that Bernard Arnault owns almost half of the giant luxury brand company. In 1989, he acquired a controlling stake in LVMH. The company’s portfolio of brands includes products such as Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer and Dom Perignon Champagne.
Children occupy important positions in the company
Although the world’s richest man has already appointed his children to key positions in the company, the search is on for a successor. He named his eldest son, Delphine, as chairman of the company’s second-largest brand, Christian Dior.
According to the WSJ, the position managing LVMH and the holding firm that oversees Arnault’s family was given to his brother Delphine’s younger brother, Antoine. The third son, Frédéric Arnault, is the CEO of TAG Heuer, while the fourth son, Alexandre Arnault, is the CEO of Tiffany and Jean Arnault, the youngest of the Arnault siblings, is the marketing and development officer for the watch division of Louis Vuitton.
Know the LVMH company
Let us tell you that Louis Vuitton Moet Hennessy, which is known as LVMH in short form, is a French company, which is the largest company making luxury products in the whole world. Bernard Arnault is the chairman and CEO of the same LVMH company. Bernard Arnault began his career as an engineer and initially worked as an engineer for the Ferret Savinel construction company.
Due to his work, Bernard Arnault got continuous promotion in this company and in 1978 he became the President of this company. He worked for this company till the year 1984 and then after that he established his own company in the world of fashion, which very soon became famous all over the world and today he has become the richest businessman in the whole world.