Bernard Arnault is currently the richest person in the world with a present net worth of $195.6 billion surpassing Elon Musk’s fortune in late 2022. He is the 73 year old co-founder, chair, and CEO of LVMH - a publicly listed company which owns and operates many of the world’s leading luxury brands.
LVMH reported group sales of 79 billion euros in 2021 and Bernard Arnault’s family company owns about 48% of the stock. LVMH’s mission is “… to drive momentum to develop its 75 Maisons (houses), respecting their distinctive identities”. In other words to operate and grow 75 independent and distinctive brands. Some of the brands it owns are;
To most of us these brands have immediate recognition to which we associate values of quality, exclusivity and prestige. This is exactly as intended and, in Arnault’s words, “...all that they have embodied for our customers for centuries as privileged partners of this passionate and ever-evolving quest for sophistication and elegance.”
By a process of seeking out and purchasing hi-profile luxury brands and developing new brands, LVMH engages in a cycle of constant improvement of each ‘house’. As it does so, it creates a history of long-term advocates for each brand and a confirmation of their prominent positioning. This loyal customer base has seen the company through the difficult Covid years and is enjoying the emergence of a growing upper-class in China and India to whom purchasing these luxury brands is confirmation of their place in society.
Bernard Arnault has built a company consisting of 75 great brands that hold unique positions in their respective luxury markets. Each brand is carefully nurtured to promote improvement and growth. We can not think of a better example of the value to be realised by growing your brand.
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