- The Pinault family finalised its $US109 million gift to help rebuild Notre-Dame on October 1, nearly six months after the cathedral caught fire, according to the Associated Press.
- François Pinault is the founder and owner of Kering luxury group, which includes several iconic fashion houses, including Gucci and Alexander McQueen.
- Pinault started out working for his family’s timber company before eventually entering the retail market.
- Today he is the second-richest person in France, behind Bernard Arnault, and the 23rd-richest person in the world.
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François Pinault, currently the second-richest person in France, finalised his $US109 million gift to help rebuild the Notre-Dame Cathedral on October 1, according to the Associated Press.
Soon after the Cathedral caught fire in April, Pinault’s son announced that the family would donate €100 million, or $US113 million, to repair the 800-year-old building. In the aftermath of the devastating fire, France’s superrich collectively pledged over €400 million, or $US452 million, to the iconic cathedral’s repairs; that includes fellow fashion mogul Bernard Arnault, who also announced that he’d be pledging $US226 million to the cause. However, in the ensuing months, many of those promises were left unfulfilled.
Alongside other major holdings, such as a winery in Bourdeaux and a cruise line in Marseille, Pinault is one of the world’s biggest private art collectors. His collection includes over 3,000 works of art and is worth over $US1.2 billion.
Keep reading for a deeper look at Pinault’s life, from his company’s origins to his most recent business investments.
François Pinault is one of the most powerful men in the fashion industry.
According to Bloomberg, he is the 23rd-richest person in the world with a net worth of $US34.3 billion …
… and the second-richest person in France.
The richest man in France is Bernard Arnault, who controls LVMH, the world’s largest luxury group.
Over the years, Pinault’s successful career has included many calculated business moves and key partnerships. However, some of his most important decisions were made early on in France, where his company originated. Pinault was born in Les Champs-Géraux, a commune in Brittany, France.
Pinault’s first job was working for his father’s lumber business.
In 1963, Pinault founded Établissements Pinault, a timber trading company, in Rennes, France. Pinault also briefly attended College Saint-Martin in Rennes, but left school at age 16.
In 1988, the company first appeared on the Paris Stock Exchange and two years later, in 1990, the company took on retail distribution.
In 1994, the company became Pinault Printemps Redoute after acquiring La Redoute, a French mail-order retailer, and Le Printemps, a major French department store chain.
After several years in retail, the company began shifting its focus to luxury in 1994 after purchasing a 42% stake in the Gucci Group.
The acquisition of Gucci followed a nearly two-and-a-half-year battle with fellow billionaire Bernard Arnault. The New York Times previously labelled the legal war “one of the most bitter fights in corporate history.”
Source: New York Times
During this time, Pinault also acquired luxury brand Yves Saint Laurent …
… and Italian fashion houses Bottega Veneta and Balenciaga.
In 2005, Pinault Printemps Redoute shortened its name to PPR. Pinault has three children; his son, François-Henri Pinault, was named the company’s new face and CEO.
Under his son’s direction, the company continued to acquire brands, with a special interest in luxury fashion houses …
… and was renamed the Kering luxury group in 2013.
The new Kering company sold its remaining shares of PUMA last year, thus completing Pinault’s final transformation to a luxury-only group.
Pinault’s son is an active member of the fashion community, regularly attending fashion shows …
… along with red carpets with his wife, actress Salma Hayek.
Source: Business Insider
The two married in 2009.
Source: CBS News
Their daughter, Valentina, is one of Pinault’s grandchildren …
… along with Francois-Henri’s son from a previous marriage, also named François Pinault.
Pinault and his son and daughter-in-law are sometimes seen at soccer games. Pinault currently owns Stade Rennais soccer club, based in Brittany near his hometown.
Pinault has also sponsored French swimmer Laure Manaudou.
Along with his professional sports endeavours, Pinault currently owns the Château Latour vineyard …
… has holdings in Vail Ski Resort in Colorado …
… and owns the iconic Christie’s auction house through Groupe Artémis, his holding company, otherwise known as Artemis, S.A.
Originally founded in 1766 by James Christie, the luxury auction giant has locations in London, New York, Paris, and other major cities. In 2017, Christie’s sales totaled $US6.6 billion.
Pinault purchased the company in 1998, and has served as a chairman since 2017.
On top of his involvement with Christie’s, Pinault is regarded as one of the biggest private art collectors in the world …
… and has taken part in many art events over the years, both public and private.
Pinault has come to collect historic pieces, along with more contemporary artists such as Andy Warhol.
Pinault owns the Palazzo Grassi art gallery in Venice …
… and can be found on the Venice canals, arriving at gallery openings and special events by boat.
Most recently, the Pinault family made headlines for their announcement of a contemporary art gallery supplied by their Pinault Foundation at the historic Bourse du Commerce in Paris.
Pinault is supplying the $US55 million dollars for renovations, which will be headed by Tadao Ando, along with his impressive collection, which includes over 3,000 works of art.
Along with his circle of high-profile artists, Pinault is close friends with former French president Jacques Chirac. The Guardian previously reported that Pinault was one of the few people to have the president’s personal phone number.
Pinault has been married to his wife Maryvonne Pinault since 1970.
The couple recently entered the luxury cruise and yacht business, purchasing the cruise line Ponant on Maryvonne’s suggestion.
The Pinaults own multiple houses, such as a mansion in London …
… and in 2013, he purchased a Bel Air home from late celebrity hairstylist Vidal Sassoon.
Though Pinault is 82 years old, he still serves as director of Artemis S.A., a chairman of Christie’s, and honorary chairman of his Kering giant.
On April 15, the Notre-Dame Cathedral caught fire. Pinault’s son announced that the family would donate €100 million, or $US109 million, to repair the iconic landmark. In the aftermath of the fire, France’s superrich collectively pledged over 400 million euros, or $US452 million, to rebuild 800-year-old cathedral.
Source: Business Insider
However, the church didn’t get the money immediately, leading a representative to publically criticise Pinault and the other billionaire donors, telling the AP that “the big donors haven’t paid. Not a cent.” The vast majority of the funds that paid for the initial clean-up came from American citizens who donated to the church’s Friends of Notre Dame charity.
Pinault finalised his $US109 million gift to the Cathedral on October 1. A representative of the family also told the AP that the Pinaults also gave more than €10 million ($US11 million) in June at the Cathedral’s request.
Source: Associated Press