![]() ![]() Arnault said the proper authorities on both ends were aware of the place, and they certainly are now.Īs of June 2021, Fortune estimates Bernard Arnault's worth to be around $197 billion. French newspaper Le Monde (via Fashion United) published a piece saying there was a possibility that Arnault didn't report all of his assets to the proper authorities, including a large home in an area known for its tax breaks, which might have spelled trouble for the man if it were true. He's apparently got a serious grip on all of his and LVMH's finances because, as Fashion United points out, he denied any wrongdoing in whatever the Paradise Papers said about him or his company. ![]() Among the hundreds of names, as Reuters explains, was none other than Bernard Arnault.Īrnault is obviously the wealthiest person in France, in all of Europe, and often in the world, depending on which day you're reading the news. The list included politicians, celebrities, monarchs, massive corporations, U2 and other musicians, actors, you name it. The designer clothes probably didn't hurt either.Īccording to the BBC, they were leaked in 2017, and the vast collection of documents contain the secrets of how the wealthy use crazy complicated systems of offshore finance to hide their money from tax authorities. Next thing anyone knew, the dude wasn't just rich, he was top-shelf rich, and it was the viscous way he removed others from their board seats to take over the company that earned him the name the Wolf in Cashmere. From there, Arnault bought up several luxury brands and expanded the company immensely. He crushed them because he wanted the seat of power. ![]() With the power of his share ownership behind him, he was able to ruthlessly unseat LVMH's chairman and the bulk of the executives on the board. From 1987, he pumped money into shares until he was the largest shareholder of the company. He sold off most of the Boussac brands and began to invest in the new Louis Vuitton company, LVMH. From there, things started to get vicious. He had increased profitability for the firm before that, but with control of the reins, he was able to acquire floundering textile company Boussac, which owned Dior. Arnault really got his start when he took over his father's real estate business, according to France 24. ![]()
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