Bernard Arnault, CEO of luxury conglomerate LVMH, once said, “As long as I’m not the richest man in the world, I won’t really be happy.”
Luckily for Arnault, with a net worth of $200 billion, he often gets to hold that title, splitting the honors with Elon Musk and Jeff Bezos, depending on the day. While by that definition, Arnault would only be happy some of the time, he’s said it is the day-to-day joys that sustain him through his long work days, which often last from 8 a.m. to 8:30 p.m.
“Every morning I have fun when I arrive,” Arnault said in a Bloomberg interview.
The 75-year-old CEO often begins his days with classical music and spends his Saturday mornings in his own stores, from Louis Vuitton to Dior— as many as 25 a day, which also includes his competitors—evaluating inventory for discrepancies and imperfections, which he then relays to his cadre of senior executives. He takes 20-minute breaks in his Paris office to play his Yamaha grand piano and spends his rare free time picking up the tennis racket to face opponents like friend and tennis icon Roger Federer.
“He works 24 hours,” Delphine Arnault, the eldest Arnault scion and CEO of Dior, told Forbes of her father. “When he sleeps, he’s dreaming of new ideas.”
The fastidiousness and workaholic nature is part of the secret sauce that’s allowed Arnault to operate the world’s biggest luxury conglomerate worth $397 billion with 6,097 stores worldwide, despite a slowdown in the sector. It’s been Arnault’s fortune to lose since he began helming the company in 1989 after spending $2.6 billion for company shares to become its largest stakeholder.
Not done yet
Arnault has shown no signs of slowing down. Aside from gobbling up real estate in Miami, New York, and Paris to maintain its stronghold on areas where consumers are spending the most on luxury goods, LVMH announced this week its purchase of 100-year-old French bistro Chez l’Ami Louis. Along with the company’s investment in luxury train company Orient Express earlier this month, it’s a clear signal that LVMH is keen to expand its footprint beyond opulent apparel and accessories.
But some of the CEO’s business decisions are not without controversy. The Hermès family has called him the “wolf in cashmere” due to an aggressive approach toward takeover targets and cost-cutting measures.
Arnault has admitted he’ll have to loosen his grip on his empire as he gets older—though he’s not ready yet. His five children already have made waves as leaders within the company, including four with board position: Antoine Arnault, 45, is the conglomerate’s head of image and communications; Alexandre Arnault, 31, is the executive vice president of product, communications and industrial at Tiffany & Co; Frédéric Arnault, 28, is the CEO of LVMH Watches; even 25-year-old Jean Arnault is the head of Louis Vuitton’s watch division.
While he is giving his children increased responsibilities, Arnault told Bloomerg he plans to wait until at least 2030 to pass the baton.
“Let’s see if one of them has the capacity to take over,” he said.
