Bernard Arnault’s reputation as a master dealmaker predates the founding of LVMH, the luxury conglomerate he runs, in 1987. Three years before that, the French businessman bought Christian Dior’s then-parent, Boussac, for a meager one franc as it was trending toward bankruptcy.
At the time, Dior was still among the most prestigious luxury labels as it symbolized opulence. However, the owner, Marcel Boussac, who was called France’s “cotton king,” began to lose much of his textile empire under financial pressure.
