THE PRESTIGE BRAND SUCCESS OF BERNARD ARNAULT How the Wealthiest Man You Don’t Know Made His Fortune
We live in an age where billionaires are celebrities, with Elon Musk, Jeff Bezos, Bill Gates, and Mark Zuckerberg regularly making headlines. But the man Forbes named the wealthiest person in the world in 2023 has mostly flown under the
radar. So, who is Bernard Arnault, and how did he make his money?
division. He completed a hostile takeover, which became his go-to strategy. Over the years, he continued buying struggling brands and rebuilding them into luxury goods empires. On top of his business acumen, experts have also credited Arnault with an eye for design and fresh talent. He has successfully brought new ideas into his companies and secured substantial media buzz. Expanding into Japan and China also proved wise, as Asia is now the company’s biggest market. Arnault appears equally adept at retaining his wealth. His five children have close ties to the business, and the family owns a 48% stake in LVMH, intending to maintain control for the long haul. Others note that Arnault contributes much less to charity than many other billionaires, a move that may have helped his wealth accumulate. Since the Forbes ranking, Elon Musk has reclaimed his title as the world’s richest person, but Arnault sits comfortably in second place. His large portfolio and ruthless business tactics almost guarantee he won’t be strapped for cash soon.
Today, Arnault is the CEO of French luxury goods conglomerate LVMH, which owns brands like Louis Vuitton, Dom Pérignon, Tiffany & Co., and Dior. But the 74-year-old began his career in real estate when he joined his father’s successful company. He moved to the U.S. to expand his father’s empire but soon returned to France, bringing cutthroat Wall Street tactics with him. Arnault purchased his first luxury brand, Christian Dior, in 1984 while it was struggling financially. Reports indicate he may have used millions of his father’s money to finance the deal. After the acquisition, Arnault fired over 9,000 workers and sold off most of the company’s smaller labels, retaining only Dior. These strategies quickly earned him the notorious nickname “The Terminator,” but the floundering Dior became profitable again in 1989.
His next move was to acquire Louis Vuitton Moët Hennessy, which owned Dior’s prior perfume
Mentors Make the Difference
HOW THEY CAN SUPERCHARGE YOUR SUCCESS
There is no doubt I would not be where I am today if it were not for mentors in my life. I have been most successful when I strategically surrounded myself with people who were plain better than me. That is right — better.
was that I could put my investments on the fast track by investing in apartment buildings.
In short, are you looking for someone who knows something you don’t? If you have yet to find them, find them! Yesterday! One of the best investment years of your life depends on it, so contact me if you are serious. You can also check out the mentorship tracks on my website at DarinGarman.com, and at the top of the page, select “Inner Circle Coaching.” If you are an investor who knows you need to go to the next level, then now is the time, not after Jan. 1 of next year! Time for expansion for you in 2024! This year is almost over. What have you accomplished?
I went from trying to own two- and four-unit properties to “partnering” with someone to own a six-unit property. You certainly cannot criticize this, but it is not the fastest way to meet those goals and make the financial progress I really wanted.
The question is this: Who are you hanging out with now who is better than you?
Do you have someone like this in your life or your business?
Then came mentors, time, and in many cases, money invested with them. Then came the results.
The truth is that if you do NOT, the road is longer, tougher, and unfortunately filled with more costly and time-sucking mistakes. For many years, I was all about going it alone. I made progress, sure, but it was way too slow. Things started to really break out for me in terms of speed with owning larger, more profitable apartment properties when I began spending more time with people who were better than me at this. The other thing that started happening
Today, I own over $70,000,000-plus of apartments and commercial property as a result. And this is in Iowa of all places. Not L.A., not Houston or Dallas. Iowa. My targets now are large projects, hundreds of units at a time, if I can get them. A lot of it started with mentors I chose to hang around with and learn from who were better than me, as this made me better and helped me achieve my real estate ownership, career, and investment goals.
Have a great rest of your day!
–Darin
2 DARINGARMAN.COM
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