The richest person in the world, Bernard Arnault, has reportedly been auditioning his five children to run his luxury empire LVMH. The French billionaire gathers his four sons and a daughter for a 90-minute lunch once a month inside a private dining room at the headquarters of LVMH where he asks each of his children for advice on topics prepared beforehand, The Wall Street Journal reported.
Arnault seeks an opinion on specific managers at the company, effectively auditioning his adult children to see who will take over the luxury empire which currently spans from the Champagne vineyards of France to handbag-making workshops in Italy and Texas. LVMH’s portfolio of brands includes Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne.
These monthly sessions are part of the 74-year-old billionaire’s decades-long plan to prepare his children who will take over LVMH after him. Bernard Arnault has said that his successor would be chosen on merit but has given no indication of who it might be.
Arnault seeks the opinion of children on specific managers who have been appointed at the company or whether it is the right time for a shake-up at one of the many brands that LVMH owns, stated the report.
In this process, the children give auditions to Arnault so that he can choose who will be his successor eventually and take over the luxury empire. However, no indication has been given till now by the billionaire as to who is likely to be crowned next, as he sticks to his principle of choosing his successor on the basis of pure merit.
The Wall Street Journal’s report stated that the monthly meetings are part of the decades-long plan that aims to train his children who will eventually run the company in the event of his death.
As per the Bloomberg Billionaires Index, Arnault raced ahead of Tesla CEO Elon Musk last year to become the world’s wealthiest person. On April 19, his accumulated wealth was $208 billion, according to the index.
Around half of the major luxury brand companies are owned by Arnault. In 1989, the billionaire acquired a controlling stake in LVMH. Numerous luxury brands that are part of the company’s portfolio include Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer and Dom Perignon champagne.
