The Man Richer Than Jeff Bezos or Elon Musk | WSJ

Bernard Arnault leads luxury-goods conglomerate LVMH, which includes brands such as Louis Vuitton and Christian Dior.

WSJ’s Nick Kostov explains how the French business magnate amassed a net worth larger than that of Elon Musk and Jeff Bezos and how he plans to keep that wealth under family control.

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#Arnault #LVMH #WSJ

[cold._.whiskey]

He got rich from humanity's vanity

[marcphilippegarnaud]

When he wanted to acquire Hermes, he was told: we’re not in same business. We sell luxury good, you sell logos. Even so, he did it very successfully. Amazing the amount of money some folks can spend for a logo on a belt or t-shirt.. good for him

[glennalexon]

He didn’t build the company from scratch; he started by having rich parents who bought him Christian Dior. He has done very well since then, but didn’t invent any of these companies.

[OweEyeSea]

"Luxury for me is how can you create desire?" That's very telling. It's not about quality of materials or craftsmanship. It's not about superior functionality or design. It's about perception - convincing people that what you are selling is worth tenfold what it really is.

This is the difference between true luxury offered by many other brands and the faux luxury his companies are shilling. The other brands' margins are modest, his are ludicrous. He is wealthy due to vain wealthy people that can afford to throw away money, as well as middle class people with more vanity than brains.

[SoCalFreelance]

Not just the wealthy. No shortage of people willing to mire themselves in debt so they can have the satisfaction of owning a luxury item.

[ByzantineCapitalManagement]

LVMH is basically Berkshire Hathaway of Fashion.

[poopy]

He and his entire family is always seen in decent simple clothes... And stupid consumers are paying big dollars for their weird clothes and the same mono print bags

He is a genius!!

[kytv]

Interestingly, those who pursue luxury brands are those that disagree with his philosophy "pour vivre heureux vivons cachés".

[MaryOMG]

I've been making a lot of losses trying to make profit trading. I thought trading on a demo account is just like trading the real market. Can anyone help me out or at least advise me on what to do?

[etutorshop]

Nice "To live happily, you have to live hidden" 🙆‍♂

[nikolaiknight]

Informative & to the point. Great video.

[qhuizatlantis]

Wow almost all people's life savings to gift themselves "luxury" made this man the richest in the world. What a world we live in. Vanity.

[BradleywigginsMartins]

With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125, 000 bond/stock portfolio.

[--]

"In order to stay happy, you've to remain hidden." some French guy

[flipcats]

I love how Arnault make sure family business is controlled by family. Many family companies I see eventually falls onto another non-family person and it makes me somewhat irritated.

[tsheposeanego]

sounds like the storyline of succession

[coolsonic]

I cant blame him for making bags on the back of ppl who are willing to spend so much money on products that are cheap to manifacture but I can't help wondering : what is the point of this ? Why is our society making ppl like him so rich even tho he objectively doesnt contribute to any greater good in any shape or form ?

[sands]

Relative status is important to people and they use brands ( or don't use them) to tell the people they want to know what group they belong to.

[BarkataliMomin]

He is a modern era Robinhood, robbing rich and it stops there.

[MrStephenmindo]

No utility, No Economic Value in his products. we are truly living in the worst timeline.