🎧 Listen: In today’s episode of The Journal podcast, Nick_Kostov explains why one of the biggest challenges for Bernard Arnault, the world's richest person, is his succession plan at the $480 billion luxury empire LVMH
This transcript was prepared by a transcription service. This version may not be in its final form and may be updated.
Kate Linebaugh: That's our colleague Nick Kostov, and he says one of Arnault's biggest challenges in the coming years will be choosing his successor. Kate Linebaugh: Arnault started taking the family civil engineering business in a different direction. In the 1970s, he began investing in real estate and vacation home construction, and eventually he took over from his father.
Kate Linebaugh: From there, Arnault built on Dior. He added Louis Vuitton and Moët Hennessy and dozens of other luxury brands, and while he was building his business, he was also raising a family. Through two marriages, Arnault had five children: Delphine, the eldest and only daughter, and four sons: Antoine, Alexandre, Frédéric, and Jean. They were all essentially raised in LVMH.
Kate Linebaugh: As they got older, Arnault was interested in seeing if they could get into his alma mater, Polytechnique. Nick says Arnault believed that his engineering background gave him an ability to analyze and solve problems quickly. Kate Linebaugh: And these relationships have helped his children as they've started working in their father's empire.
Kate Linebaugh: After Lagardère's death, his son, named Arnaud, took over the business, but over the years it became clear that Lagardère hadn't adequately prepared for succession. Kate Linebaugh: All of his children have been moving up in the business, and recently Arnault's made some moves. His oldest son, Antoine, became CEO of the public company that holds the family's LVMH stake. And in January, Arnault promoted Delphine to be the head of Christian Dior. With $7 billion in annual sales, it's a big job.
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