1949
Bernard Arnault was born in France in 1949, the son of a building contractor.
“He's born in France in 1949, and he's the son of a building contractor.”
Topic
Bernard Arnault
26 facts from 5 episodes, in date order. These are what speakers said on the shows, each linked to the moment it was said. They aren't independently verified.
1980s
After taking over Boussac, Bernard Arnault laid off about 9,000 of its roughly 20,000 workers.
“Arnault over the next couple of years does what nobody else was willing to do. He lays off about 9,000 of the 20,000-ish workers.”
1980s
Arnault and Lazard sold Boussac's disposable diaper division for $400 million, and the asset sales raised over $500 million in total.
“they sell literally the disposable diaper division of Boussac, which is called Poduce, which is soft skin in English. They sell that for $400 million alone.”
1984
Bernard Arnault and the investment bank Lazard put together a $60 million bid to take over Boussac from the French government, with the Arnault family contributing $15 million.
“So they put together a $60 million bid to take over Boussac from the government.”
1988
In July 1988 Bernard Arnault and Guinness announced a joint venture called Jacques Robert, controlled 60% by Arnault, to buy a stake in LVMH.
“in July of 1988, they announced that they're creating a new JV together between Bernard Arnault and Guinness. It's a 60-40 JV controlled 60% by Arnault.”
1988
Arnault raised the equivalent of 1.5 billion francs in credits in under a month to buy LVMH shares.
“In less than a month, he had managed to raise the equivalent of 1.5 billion francs in the form of various credits.”
1988
Selling part of Dior Couture to private investors brought Arnault 3.3 billion francs to buy more LVMH shares.
“this brought Bernard 3.3 billion francs money he's going to use to buy more shares of LVMH”
1989
Bernard Arnault took office as chairman of LVMH on Friday, 13 January 1989.
“Friday the thirteenth January 1989 was the day that he took office.”
1989
When Arnault attacked, LVMH shares soared to a record 4,720 francs.
“Arnaud attacked, the shares soared to 4,720 francs. Remember, he bought in,”
1989
In two sessions on January 5 and 6, Arnault bought 800,000 LVMH shares, about 8% of those outstanding.
“he managed to buy up 800,000 shares, 8% of the of the existing LVMH shares.”
1989
Alain Chevalier told Arnault he was resigning from LVMH after losing the fight for control.
“A good sport, he told him. I played, I lost, I'm resigning.”
1989
At age 40, Arnault said he wanted to make LVMH the biggest luxury goods group in the world.
“Arnault said he wanted to make LVMH the biggest luxury goods group in the world.”
1990
Henri Racamier left Louis Vuitton in April 1990 after failing to win his court cases against Bernard Arnault.
“when it becomes clear that he's not going to win his court cases in April of 1990, he privately resigns and he walks off the job”
1994
Bernard Arnault reached a verbal agreement in the mid-1990s to buy Gucci from InvestCorp for $400 million, then backed out.
“Bernard goes and talks to InvestCorp and reaches a verbal agreement in the mid nineties to buy Gucci from them for $400 million.”
2001
In 2001 Bernard Arnault, just after losing the Gucci fight, quietly bought a 4.9% stake in Hermès.
“in 2001, right after he lost Gucci, Bernard quietly buys an initial stake in Hermès of 4.9%.”
2022
A host notes that Bernard Arnault, a luxury-brands magnate, ranked among the world's five wealthiest people.
“The one that is not is Bernard Arnault, which one of the world's top five wealthiest people and not in tech, not in finance, but in luxury brands.”
2022
The hosts say Bernard Arnault became the world's wealthiest person again with a net worth of $218 billion, up from about $76 billion before the pandemic.
“Bernard the newly recrowned wealthiest person in the world. $218 billion, up from, I think, $76 billion before the pandemic.”
Undated
Arnault sold his father's construction company for 40 million francs.
“Bernard goes and sells his company for 40 million francs.”
Undated
Within five years Arnault's property development company had become the leading French developer of private houses.
“his company had become the leading French property develop developer for private houses”
Undated
While living in New York, Arnault learned his neighbor was John Kluge, who had just made a takeover bid for Metromedia.
“his neighbor was none other than John Cluj the multimillionaire who had made a who had just made a takeover bid for the communications conglomerate Metro Media”
Undated
The Willot brothers signed the agreement to sell Boussac to Arnault on November 14, two days before the tribunal was due to announce liquidation.
“The Willots had their back against the wall, and on November fourteenth, they signed the agreement.”
Undated
Arnault invested 70 million francs in Christian Lacroix's fashion house, with a further 200 to 250 million francs planned over five years.
“he invested 70 million francs down initially and then they agreed to invest another 200 to 250 million francs over the next five years.”
Undated
Greenmail, as practiced by Arnault's friend, meant buying shares in a company vulnerable to takeover and selling them back to it at a higher price.
“This consisted of buying a package of shares in a company vulnerable to takeover, with which he renegotiated the buying back of the securities at a genuinely higher price.”
Undated
The cascade technique Arnault learned lets an investor control a company by holding 51% of a financial company that holds 51% of the target.
“it is battled better to have 51% in a purely financial company B, which itself then holds 51% of Company A.”
Undated
Arnault's investments to gain control of LVMH cost 11 billion francs, leaving him needing to reduce debt.
“His investments had been costly 11 billion francs.”
Undated
The host says the biography of LVMH founder Bernard Arnault is out of print and hard to find.
“I read this bio, this really hard to find biography of his, which is out of print.”
Episodes