Bernard Arnault has lost more money due to the coronavirus than any other billionaire. Meet the CEO of luxury goods giant LVMH, who was once the world's 2nd-richest person.

Chesnot/Getty ImagesBernard Arnault is the chairman and CEO of LVMH, the world’s largest maker of luxury goods.

Before the coronavirus, luxury conglomerate LVMH was posting record-breaking revenues and sending Bernard Arnault’s net worth soaring. That all changed over the past few months as the pandemic forced retail stores to close, left millions unemployed, and sent both LVMH’s share price and Arnault’s net worth into a free fall.

Arnault has lost more money from his personal fortune during the pandemic than any other billionaire, Bloomberg reported. The 71-year-old CEO now has a net worth of $US77 billion, down from $US109 billion in January, per the Bloomberg’s Billionaires Index.

The French businessman is still the richest person in the fashion industry. Before the coronavirus, Arnault was growing richer at a faster rate than many other billionaires. In 2019, his fortune grew by more than $US31.4 billion, according to Bloomberg’s Billionaires Index.

In March 2019, the French billionaire overtook Warren Buffett to become the third-richest person in the world. A few months later, he surpassed Bill Gates to become the world’s second-richest person for a brief period before dropping back to third. And in October, Arnault made $US5.1 billion within 48 hours after a surge in share prices of his conglomerate.

Here’s a look at Arnault’s career, life, and family.

Marissa Perino contributed reporting.


Bernard Arnault is the fourth-richest person in the world, worth an estimated $US77 billion, down from $US109 billion in January.

Reuters

Source: Bloomberg


Arnault’s wealth is now exceeded only by that of Jeff Bezos, Bill Gates, and Mark Zuckerberg respectively.

Drew Angerer/Getty ImagesJeff Bezos, the richest person in the world.

Source: Bloomberg


The 71-year-old French businessman is the chairman and CEO of LVMH Moet Hennessy Louis Vuitton SE, known as LVMH, a position he’s held since 1989. LVMH is the world’s largest maker of luxury goods.

Getty Images

Source: Bloomberg


The business is a family affair; four of Arnault’s five children hold positions at LVMH brands.

Getty ImagesAntoine Arnault, Bernard Arnault, and Delphine Arnault at a fashion show in Paris in January 2019.

Source: Bloomberg


Arnault owns a 96.5% stake in Christian Dior, which controls 41% of LVMH.

Photo by Scott Barbour/Getty Images

Source: Bloomberg


LVMH, which recorded a record-breaking €58.27 billion (roughly $US63 billion) in revenue in 2019, is made up of more than 70 companies that sell products such as Louis Vuitton leather goods …

Reuters

Source: LVMH
, Business Insider


… TAG Heuer watches …

Getty ImagesActress Priyanka Chopra poses with a Tag Heuer watch in New Delhi in 2007.

Source:

Business Insider


… and Dom Perignon Champagne. In 2018, LVMH brought in $US53 billion in revenue.

Getty Images

Source:

Business Insider


In November, LVMH announced it was adding luxury jeweller Tiffany & Co. to its family of brands in a $US16.2 billion deal.

ReutersA Tiffany & Co. logo is seen outside a store in Paris

Source: Business Insider


Arnault comes from the northern French town of Roubaix.

Getty Images

Source: Bloomberg


He studied engineering at the Ecole Polytechnique, a prestigious school in Paris that counts three former French presidents and three Nobel Prize winners among its alumni.

Shutterstock/EQRoyThe original campus of Ecole Polytechnique in Paris’ Latin Quarter, where the school was located until 1976.

Source: Business Insider, Bloomberg


After graduating, Arnault spent a stint working for his father’s construction company, Ferret-Savinel, before entering the luxury goods industry. He became CEO of luxury goods holding company, Financiere Agache, in 1984.

Getty ImagesLVMH vice president Alain Chevalier and Bernard Arnault, then CEO of Financiere Agache, at an event in Paris in 1988.

Source: Bloomberg


Arnault married Anne Dewavrin in 1973 and they had two children together before separating in 1990. Arnault remarried to Helene Mercier, a Canadian concert pianist, in 1991.

ReutersHelene Mercier and Bernard Arnault.

Source: Financial Times, Forbes


He reportedly wooed her by playing Chopin and other classical composers for her.

Laurent VAN DER STOCKT/Gamma-Rapho via Getty ImagesArnault at his home in 2000.

Source: Forbes


The French billionaire and his wife live on Paris’s Left Bank south of the Seine River, a historic area that includes neighbourhoods such as the Latin Quarter and St. Germain-des-Prés.

Alexander Spatari/Getty Images

Source: Bloomberg, The New York Times


In their home, Arnault keeps a collection of modern and contemporary art from artists that include Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso.

Ben Pruchnie / Staff / Getty ImagesArt handlers hang ‘Tete De Femme’ by Pablo Picasso at a 2016 Sotheby’s auction in London.

Source: Bloomberg


Arnault has five children: two with his first wife and three with his current wife.

Getty ImagesArnault with three of his sons at the Roland Garros 2018 French Open tennis tournament in Paris in June 2018.

Source: The New York Times


Antoine Arnault and Delphine Arnault are his two children from his first marriage.

Getty ImagesAntoine and Delphine Arnault with their father, Bernard Arnault, in 2015.

Source: The New York Times, LVMH


Delphine, Bernard’s oldest daughter, is the apparent heiress to the LVMH empire.

Getty Images

Source: The New York Times


She started her career at American consultancy firm McKinsey & Co. in Paris and is now the executive vice president at Louis Vuitton.

ReutersDelphine Arnault in 2001.

Source: Business of Fashion,The New York Times


In January 2019, Delphine became the youngest member of LVMH’s executive committee at age 43.

Pascal Le Segretain/Getty ImagesBernard Arnault and Delphine Arnault.


Source:
MDS


Delphine married Italian wine heir Alessandro Vallarino Gancia in 2005 in what Forbes called “France’s wedding of the year.” The couple divorced in 2010.

DERRICK CEYRAC/AFP/Getty Images

Source: Forbes, Business Insider


She now reportedly lives with tech billionaire Xavier Niel and has one daughter. But Delphine is notoriously private about her personal life. “I’m quite discreet,” she told the Financial Times in a rare 2014 interview. “I think I’d rather focus on my work.”

Vincent Isore/IP3/Getty ImagesXavier Niel, Delphine Arnault, and Bernard Arnault in Paris in April 2018.

Source: Financial Times


Delphine’s younger brother, Antoine, is chief executive of menswear label Berluti and chairman of the cashmere label Loro Piana, both LVMH brands.

Getty Images

Source: The New York Times, LVMH


In addition to those roles, Antoine was named head of communication and image for LVMH in June 2018.

Corbis via Getty ImagesAntoine Arnault at a Louis Vuitton show in January 2019 in Paris.

Source: Business of Fashion


His partner is supermodel Natalia Vodianova, whom he reportedly met on a shoot for a 2008 Louis ­Vuitton campaign when he was the brand’s head of communications.

Bertrand Rindoff Petroff/Getty ImagesAntoine Arnault and Natalie Vodianova during 2019 fashion week in Paris, France.

Source: W Magazine


The couple lives in Paris with their two children and Vodianova’s three children from a previous marriage.

Jacopo Raule/Getty ImagesNatalia Vodianova and Antoine Arnault during Paris Fashion Week in January 2019.

Source: W Magazine


Alexandre, the son of Bernard Arnault and Helene Mercier, is the CEO of Rimowa, a German luggage brand owned by LVMH.

Getty ImagesAlexandre Arnault at Foundation Louis Vuitton in October 2018 in Paris.

Source: The New York Times, LVMH, Getty Images


The luggage company he runs brings in more than $US455 million in annual revenue.

Donato Sardella/Getty Images for Louis VuittonAlexandre Arnault and his father, Bernard Arnault.

Source: LVMH


Alexandre travels frequently between Cologne, Germany, where Rimowa luggage is made, London, his hometown of Paris, and Los Angeles, where Rimowa has a store.

Foc Kan/WireImage

Source: The New York Times


He’s reportedly friends with Evan Spiegel, the chief executive of Snap, Snapchat’s parent company. Spiegel called Alexandre “a really creative guy,” according to The New York Times. “He’s constantly thinking about the brand and how to express that.”

Bertrand Rindoff Petroff/Getty ImagesDelphine Arnault and Alexandre Arnault.

Source: The New York Times


Alexandre’s younger brother, Frederic, also has a role at LVMH. He joined the conglomerate as the strategy and digital director at Swiss luxury watch brand TAG Heuer, LVMH’s largest watch brand, in 2018.

ReutersBernard Arnault and his son Frederic Arnault in June 2018.

Source: The New York Times


Frederic graduated from his father’s alma mater, École Polytechnique in Paris, and interned at Facebook and consulting firm McKinsey before joining LVMH as the temporary head of connected technologies at TAG Heuer in 2017.

Getty ImagesFrederic Arnault at a TAG Heuer auction in October 2018 in London.

Source: The New York Times


Arnault’s youngest son, Jean, is the only one of his children not involved at LVMH.

Rindoff Petroff/Hekimian/Getty ImagesJean Arnault (front left) with his brother, Frederic (centre) and father, Bernard (right).

Source: The New York Times


Like many billionaires do, Arnault travels by private jet.

Marc DEVILLE/Gamma-Rapho via Getty ImagesBernard Arnault on his private jet between Beijing and Shanghai in 2004.

Source: Getty Images


He owns a sprawling vacation villa in glitzy Saint-Tropez on the French Riviera …

Getty ImagesBernard Arnault’s Saint-Tropez villa in 2015.

Source: Telegraph


… where he has been seen enjoying some tennis matches.

Getty ImagesAn undated photo of Arnault playing tennis in Saint Tropez.

Source: Getty Images


Arnault has also reportedly spent at least $US96.4 million on residential properties in Los Angeles, in the Beverly Hills, Trousdale Estates, and Hollywood Hills neighbourhoods.

Shutterstock/Zhukova Valentyna

Source: The Real Deal


Arnault has rubbed shoulders with some of the world’s influential figures, in the fashion world and otherwise. In 2017, he met President Donald Trump at Trump Tower in New York City right before Trump’s inauguration to discuss expanding LVMH factories in the US.

Getty Images

Source: WWD


He was photographed at parties with Lady Diana, Princess of Wales.

Getty ImagesBritish fashion designer of Dior John Galliano, magazine editor Liz Tilberis, Lady Diana, Princess of Wales, with Helene Mercier and Bernard Arnault CEO at the Dior 50th Anniversary party at the Metropolitan Museum of Art in New York.

Source: Getty Images


Arnault was reportedly friends with Apple founder Steve Jobs, who once said to Arnault: “You know Bernard, I don’t know if in 50 years my iPhone will still be a success but I can tell you, I’m sure everybody will still drink your Dom Pérignon.”

Seth Wenig / Reuters

Source: CNBC


Former Goldman Sachs chief executive Lloyd Blankfein once called Arnault “a complete visionary,” adding that he “saw the increase of wealth in the world.”

Bryan Bedder/Getty Images for The New York TimesGoldman Sachs Group chairman and CEO Lloyd Blankfein.

Source: CNBC


Arnault is reportedly longtime friends with former French president Nicolas Sarkozy. Arnault was a witness at the former president’s wedding to Carla Bruni.

Getty ImagesBernard Arnault and former French president Nicolas Sarkozy at an event in 1994.

Source: The New York Times


Here, Arnault can be seen shaking hands with Vladimir Putin during the Russian president’s 2003 visit to the Chateau Cheval Blanc vineyard — owned by LVMH — in France.

Getty ImagesVladimir Putin and Bernard Arnault at the Chateau Cheval Blanc on in Saint Emilion, France, in February 2003.

Source: LVMH


Arnault considered legendary late designer and Chanel creative director Karl Lagerfeld a good friend. “The death of this dear friend deeply saddens me, my wife and my children,” Arnault said in a statement. “We loved and admired him deeply. Fashion and culture has lost a great inspiration.”

Bertrand Rindoff Petroff/Getty ImagesKarl Lagerfeld and Bernard Arnault in Paris in June 2018.

Source: LVMH


Arnault has a longstanding public rivalry with Francois Pinault, the second-richest man in France, who’s worth about $US32 billion.

Axelle/Bauer-Griffin/FilmMagicFrançois-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg


Pinault is the founder and CEO of French luxury brand Kering, which owns brands including Gucci and Yves St. Laurent. The billionaire also owns Christie’s auction house.

ERIC PIERMONT/AFP/Getty ImagesFrançois-Henri Pinault, Francois Pinault’s son.

Source: Bloomberg


Arnault’s LVMH originally tried to acquire a majority stake in Gucci in 1999, but Pinault ultimately snatched up the brand.

Bobby Yip/Reuters

Source: Forbes


Over the years, Arnault has built LVMH into the largest luxury conglomerate in the world and earned himself an imposing nickname: “the wolf in the cashmere coat.”

Chesnot/Getty Images

Source: The New York Times


He’s behind the creation of Foundation Louis Vuitton, a Frank Gehry-designed contemporary art museum and performance space in Paris that opened in 2014.

Michael Jacobs/Art in All of Us/Corbis via Getty Images

Source: The New York Times


Arnault is getting richer at an astonishing rate. In January 2019, he made $US4.3 billion in a single day after LVMH shares surged 6.9%. And just 16 months later, on June 19, Arnault again made news when he became the third person in the world to reach a $US100 billion net worth.

Christophe Morin/IP3/Getty Images

Source: Bloomberg


And between the end of January and February 27, 2019, he added another $US3.9 billion to his fortune, which brought his total net worth to only $US2.3 billion less than Warren Buffett’s. He then surpassed Buffett in March.

Reuters

Source: Bloomberg, Bloomberg Billionaires Index


In April 2019, LVMH released a statement on behalf on the Arnault family, pledging €200 million, or about $US218.8 million, to help rebuild the recently damaged Notre-Dame Cathedral.

REUTERS/Benoit TessierSmoke billows as fire engulfs the spire of Notre Dame Cathedral in Paris, France April 15, 2019.

While a church official said in June that Arnault and other high profile donors had yet to pay “a cent,” Arnault signed a contract confirming his donation at the end of September.


Arnault’s jump into second place on Bloomberg’s wealth ranking in July 2019 is the first time Bill Gates was ranked lower than second, but Arnault has since fallen back to third place.

JOEL SAGET/AFP/Getty Images

Source: Bloomberg


The coronavirus pandemic knocked Arnault even further down the Billionaires List. Pandemic-related shut downs sank LVMH’s stock more than 17% from where it was at the start of 2020, sending Arnault’s personal net worth down more than $US30 billion.

Ruth Hytry Sinclair/Education Images/Universal Images Group via Getty ImagesClosed and boarded up store fronts of luxury fashion brands Versace and Dior during Coronavirus crisis, Chicago.

Source: Bloomberg

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