Wolf in Cashmere: Bernard Arnault, the centibillionaire who mixes luxury with ruthless acumen

But Arnault started with none of them.

Bernard Jean Étienne Arnault was born on March 5, 1949, in the French city of Roubaix, near the Belgian border, just a few years after the devastation of WWII had ended and rebuilding efforts were in full swing. Graduating in 1971 from École Polytechnique, France’s leading engineering institution, Arnault joined to work in his father’s construction company, Ferret-Savinel.

Showing his business acumen at an early age, Arnault convinced his father to sell the industrial construction division of the company to focus on real estate and soon after succeeded his father as president of this new company called Ferinel. Through his many acquisitions, Arnault would later sell the real estate business as well.

In 1984, Arnault managed to acquire the bankrupt Boussac Saint-Frères conglomerate, an entity that owned Christian Dior. Boussac was bankrupt and the French government was looking for someone to rescue the ailing business.

Arnault would later state in interviews that his mother, Marie Josèphe Savinel, had a “fascination for Dior.” It is perhaps for this reason that Arnault sold all assets of Boussac’s empire, only to retain possession of Christian Dior. Within years of his management, the business turned a profit once more. It was here he got the moniker of ‘Wolf in Cashmere,’ signifying his ruthless and effective business acumen in an otherwise luxurious world.

From here Arnault went on to oust and then wrest control of the newly-formed luxury conglomerate LVMH, set up by Moët Hennessy and Louis Vuitton. Over the years, Arnault, with his keen eye for luxury, acquired numerous brands to fold into LVMH, including Tiffany & Co, the American jeweller, in a $15.8-billion deal.

Often called the world’s tastemaker, Arnault’s five children also work with him in various corners of his massive empire. The French tycoon has also been awarded the honorary titles of Grand Officier de la Legion d’Honneur and Commandeur des Arts et des Lettres. His recent swell in wealth has come due to increasing sales of luxury goods, and the steady rate at which he has been purchasing shares of LVMH in his own name. The French tycoon owns a 47.5 percent stake in Europe’s most valuable company.

But it is yet to be seen whether Arnault can cling on to the top spot for longer this time. As the tycoon himself puts it, it is all down to timing.

"I think in business, you have to learn to be patient. Maybe I’m not very patient myself. But I think what I’ve learned the most is to be able to wait for something and get it when it’s the right time."