French businessman, creator of LVMH, the world's largest luxury conglomerate. Referred to as "the wolf in cashmere", Arnault was perhaps the first to recognise that combining luxury brands under one roof could bring significant economies of scale. Over four decades of dealmaking he assembled 75 independent maisons including Louis Vuitton, Dior, Tiffany & Co, Hennessy and Moët & Chandon.
Arnault is credited with transforming the luxury sector from a smattering of small labels into a multi-billion-dollar global industry. In 1999 he tried to acquire Gucci (now part of Kering) but failed. He then turned his attention to Hermès. From 2001 LVMH quietly accumulated Hermès stock, using swap contracts with French banks to avoid disclosure. In October 2010 LVMH announced a 14.2% stake; the Hermès family rallied to block a takeover and LVMH eventually distributed all its Hermès shares to its own investors in 2014, booking €3.8bn in capital gains. France's financial regulator fined LVMH €8m over the affair. Nicolas Puech, Hermès's largest individual shareholder, later alleged that his Swiss banker had secretly sold his shares to LVMH; Arnault denied any wrongdoing.
When LVMH's market value reached its peak of around €450bn in 2023, Arnault briefly became the world's richest man. By mid-2025 he and his family had been displaced atop France's rich list by the Hermès clan.
Arnault is usually discreet in public life but in September 2025 argued that a proposed 2% wealth tax by economist Gabriel Zucman would "destroy" the economy, calling Zucman "a far-left activist". He told the Senate in May 2025 that LVMH paid nearly €3bn of tax in France in 2024 alone.
Arnault, aged 76, raised the age limit for his role from 75 to 80, then again to 85 in 2025. All five of his children work in different corners of the empire. His daughter Delphine, tasked with turning around Dior, is the only one on LVMH's executive committee and the most likely successor. His son Alexandre was made deputy head of Moët Hennessy in February 2025; Frédéric was put in charge of Loro Piana in March 2025.
The problem that we thought was a problem was, indeed, a problem, but not the problem we thought was the problem.