The world’s richest man, Bernard Arnault, is drafting a business succession plan that will prevent a possible fight for a $196 billion fortune among his five children. News.
The 73-year-old CEO of LVMH has started a new holding company that will split his wealth equally among his children. The new company is a key element of Arnault’s vision that LVMH will remain under family control. However, it is not yet clear which of Arno’s five children will eventually replace him.
Bernard Arnault has two children from his first wife: Delphine, 47, and Antoine, 45. In the current marriage, the businessman had three sons: 30-year-old Alexander, 28-year-old Frederic and 24-year-old Jean.
In December, Antoine became CEO of Christian Dior SE. Around the same time, his sister Delphine was appointed head of the Christian Dior Couture brand.
Alexander is responsible for product and communications at Tiffany & Co, while Frédéric is responsible for Tag Heuer, a Swiss watch company. Jean takes over the new division of Louis Vuitton, which will produce watches.
Formerly socialbites.ca knowledgeableLVMH’s annual turnover is 79 billion Euros.