Bernard Arnault is one of the world’s wealthiest men. The French investor, businessman, and CEO of the luxury goods company LVMH recently reclaimed the title over fellow billionaire Jeff Bezos. Arnault’s business acumen and awe-inspiring financial achievements are worthy of attention.
So, considering the impressive accomplishments of this visionary tastemaker, we intend to unravel how this legend came to be in the Bernard Arnault Success Story special. “Luxury is the combination of quality and creativity,” says Bernard Arnault.
We believe that ordinary people can choose to become extraordinary, which is why we research and publish the success stories of ordinary people who have managed to accomplish great achievements.
As such, this page aims to show you some key insights about Arnault that will help you better understand how he came to be so successful. And maybe, just maybe, you’ll become inspired to do the same. So, if you’re ready to learn from Bernard Arnault’s success story, let’s dive in.
Bernard Arnault’s Success Story:
Bernard Arnault was born to an industrial family in Roubaix, France, in 1949 and graduated from France’s prestigious engineering school, the École Polytechnique. Once he had his engineering degree in hand, he would begin his professional career as an engineer within the family’s construction business.
After working for his father for close to seven years in the family business, Arnault would eventually rise through the ranks to become the company’s chairman. As chairman, he would successfully run the show for his father for a few years until he moved on to run a holding company known as Financière Agache.
The company was having trouble making money, and Arnault saw that there was a chance to turn it around, in part because one of its brands, Christian Dior, was so strong.
As such, Arnault seized the opportunity to take on the task of reorganizing the company and would successfully reinvigorate it, bringing it back to profitably. One of the strategies Bernard Arnault would employ to succeed in the turnaround was to zero in on having the company’s focus be solely on its luxury goods.
The cornerstone of his holding company was Christian Dior, which he single-handedly brought roaring back to life. Eventually, he would sell off the non-luxury assets of the company and begin an aggressive acquisition campaign to acquire other luxury brand companies.
Eventually, Arnault would assume control over the leading luxury products group known as LVMH Mot Hennessy Louis Vuitton. Since this acquisition, he has successfully positioned the company as the world’s leading luxury brand.
Bernard Arnault’s Enduring Success: Bernard Arnault continues to grow more and more successful. His brands continue to grow in prominence across the world, and his company continues to lead the way in creating innovative products that people truly find irresistible.
In addition to this, Arnault’s success continues to grow as the demand for luxury goods continues to surge in growing markets like China, Japan, and other Asian countries. And, with the surge in LVMH’s profit, Bernard Arnault has once again been crowned as one of the richest men in the world.
Bernard Arnault’s Success Ethos:
So, what’s the secret to Bernard Arnault’s enduring success? One important key to Bernard Arnault’s success is his keen eye for detail and quality. An aspect that has allowed him to spot value in failing brands and business sectors.
Arnault also does well because he loves luxury, which he says is a mix of quality and new ideas.In addition to this, Bernard Arnault places a lot of emphasis on investing in companies with hidden value. In fact, Arnault has publicly admired Warren Buffett as an inspiration.
And, if one looks closely enough at Arnault’s business dealings, much of it has been related to the acquisition of strong brands, much like Warren Buffett. Thus, much like Warren Buffett, Bernard Arnault is a visionary with an extraordinary ability to see value in things (companies, products, trends) that others simply miss.
Also, when it comes to insights related to Bernard Arnault’s success, he has quite clearly laid it out for us in his own words:
“To be successful, you have to have a combination of modernity and timelessness.” Bernard Arnault
“The success of the group is made possible by the quality of the product, and the quality of the product is a consequence of the extraordinary craftsmen and women that are working with us.” Bernard Arnault
###Key Takeaways:— Bernard Arnault’s journey towards becoming the leader of the world’s most prominent brands contains a lesson we can all benefit from. This lesson is that our beginnings don’t determine our destination. And that regardless of our education or lot in life, we can successfully journey, expand, and thrive outside of our expertise and do extraordinary things.
With that said, we hope that Bernard Arnault’s story has shown you that it is possible to be very successful.But more importantly, we hope it inspires you to reach for the stars.
Courtesy: The Strive