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The slogan of the Acquired Podcast series is ‘every company has a story’. If that is true, then the story of LVMH could be turned into a blockbuster movie. It is nothing short of incredible. The man behind the largest luxury goods empire in the world is CEO Bernard Arnault. According to Forbes.com, he is currently the worlds wealthiest person with a net worth exceeding US$200bn.
Bernard Arnault was not the founder of any of the companies (also known as ‘houses’) that he now owns & controls. This list of ~75 globally iconic brands within LVMH includes the likes of Moët Hennessy, Louis Vuitton, Tiffany & Co., Christian Dior, TAG Heuer, Marc Jacobs and Sephora. Oddly enough, he was first an engineer and then a property developer who subsequently changed the face of many retail categories forever. After a fateful taxi ride in New York, his retail journey started with taking on a loan to acquire Christian Dior. Since that time, he has employed a strategy of improving profitability and continually reinvesting profits into both organic and inorganic opportunities, always with a long-term focus. The outcome? Bernard Arnault is one of the best compounders of capital in human history.
In the same way we can learn from the likes of Warren Buffett & Charlie Munger, we can learn from the history & strategy of LVMH.
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