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LVMH Billionaire Bernard Arnault Receives Malcolm S. Forbes Lifetime Achievement Award
<!DOCTYPE html><html lang="en"><head><meta charSet="utf-8"/><title>LVMH Billionaire Bernard Arnault Receives Malcolm S. 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Forbes Lifetime Achievement Award</span></span></div></div><div class="ndFe6"><div class="Y_uL_"><div class="C9U_J"><span class="iAwsM"><div class="Na3NTglQ _51GWpoAk iTAC9"><span class="ujvJmzbB">By</span><a class="_4tin10wS" href="https://www.forbes.com/sites/jonathanburgos/" rel="noreferrer" target="_self">Jonathan Burgos</a><span class="AtUb4gy8"></span></div></span><div class="Z38Wo"><fbs-cordial class="_3SS9w A_PFj" author-slug="jonathanburgos" natural-id="blogAuthorId/blog/author/3339350" type="Follow" data-testid="fbs-cordial-follow" follow-text="Follow Author"><a class="_6MYrY" href="https://account.forbes.com/following" target="_blank" rel="noreferrer"><svg class="check-mark_svg__fs-icon check-mark_svg__fs-icon--check-mark" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path fill-rule="evenodd" clip-rule="evenodd" d="M10 2.9c-3.9 0-7.1 3.2-7.1 7.1s3.2 7.1 7.1 7.1 7.1-3.2 7.1-7.1-3.2-7.1-7.1-7.1zm-.7 10.3-3-2.1.7-1 2 1.4 3.4-4.9 1 .7-4.1 5.9z"></path></svg><span>Following</span></a></fbs-cordial></div></div></div><div class="_9MklE"><div class="rwK2G vAhSa"><div class="socialShareContainer"><button type="button" aria-label="open share menu" class="sTVDLFT0 AYwaD CKkMh"><svg class="fs-icon fs-icon--share" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><path fill-rule="evenodd" clip-rule="evenodd" d="M18 16.1c-.8 0-1.4.3-2 .8l-7.1-4.2c.1-.2.1-.5.1-.7s0-.5-.1-.7L16 7.2c.5.5 1.2.8 2 .8 1.7 0 3-1.3 3-3s-1.3-3-3-3-3 1.3-3 3c0 .2 0 .5.1.7L8 9.8C7.5 9.3 6.8 9 6 9c-1.7 0-3 1.3-3 3s1.3 3 3 3c.8 0 1.5-.3 2-.8l7.1 4.2c-.1.2-.1.4-.1.6 0 1.6 1.3 2.9 2.9 2.9s2.9-1.3 2.9-2.9-1.2-2.9-2.8-2.9z"></path></svg></button></div><button disabled="" type="button" class="sElHJWe4 CKkMh RbOxY _0YX29K8j"><svg class="fs-icon fs-icon--saved-article" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path d="M13.9 3c.7 0 1.3.6 1.3 1.3V17L10 13.9 4.8 17V4.3c0-.7.5-1.3 1.3-1.3h7.8z"></path></svg><span class="IHojBFcO">Save Article</span></button></div></div></div></div><div class="Z_niP"><div class="hzRTd"><button type="button" class="FddGb"><svg class="info_svg__fs-icon info_svg__fs-icon--info" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"><path fill="#010101" d="M28.3 38.4h3.3v-10h-3.3v10zM30 13.3c-9.2 0-16.7 7.5-16.7 16.7S20.8 46.7 30 46.7 46.7 39.2 46.7 30 39.2 13.3 30 13.3zm0 30.1c-7.4 0-13.4-6-13.4-13.4s6-13.4 13.4-13.4 13.4 6 13.4 13.4-6 13.4-13.4 13.4zM28.3 25h3.3v-3.3h-3.3V25z"></path></svg><span>BETA</span></button><div class="syL_I">This is a BETA experience. opt-out <button type="button" class="FEN0p">here</button><button class="GmkoR" type="button" aria-label="Close"><svg class="close_svg__fs-icon close_svg__fs-icon--close" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path d="M5.05 3.636 16.364 14.95l-1.414 1.414L3.636 5.05z"></path><path d="M16.364 5.05 5.05 16.364 3.636 14.95 14.95 3.636z"></path></svg></button></div></div></div><div class="ef7tZD8z DlCaB" data-testid="locked-top-ad-container" aria-hidden="true" role="presentation" tabindex="-1"></div><article id="article-stream-0" class="VxHGw current-page uEaEf"><main class="_4tKaI"><div class="ITdpl KpLaT"><div class="ZtYwJ"><a class="TC3S5" href="https://www.forbes.com/editors-picks" data-ga-track="eyebrow-editors-pick" data-vars-event-label="eyebrow-editors-pick">Editors' Pick</a><div class="_8cjw-SPU fTSKiIOA _1U09"><span class="_6Q2IDc-r"><a class="isDg-4PG" href="https://www.forbes.com/asia/" data-ga-track="breadcrumb-L2">Asia</a></span></div></div><h1 class="dp_VC">LVMH Billionaire Bernard Arnault Receives Malcolm S. Forbes Lifetime Achievement Award</h1><div class="C9U_J"><div class="_7dNOp"><div class="ashU4" style="max-height:22px;overflow:hidden"><div data-testid="truncation-inner"><span style="-webkit-line-clamp:2" class="Ccg9Ib-7 _6Kt59 KeDiA"><div class="Na3NTglQ _51GWpoAk ne20B"><span class="ujvJmzbB">By</span><a class="_4tin10wS" href="https://www.forbes.com/sites/jonathanburgos/" rel="noreferrer" target="_self">Jonathan Burgos</a><span class="AtUb4gy8">Forbes Staff</span></div> <!-- -->Senior editor covering billionaires, entrepreneurs and deals in Asia</span></div></div><div class="_Ggvx"></div></div><div class="Z38Wo"><fbs-cordial class="_3SS9w A_PFj" author-slug="jonathanburgos" natural-id="blogAuthorId/blog/author/3339350" type="Follow" data-testid="fbs-cordial-follow" follow-text="Follow Author"><a class="_6MYrY" href="https://account.forbes.com/following" target="_blank" rel="noreferrer"><svg class="check-mark_svg__fs-icon check-mark_svg__fs-icon--check-mark" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path fill-rule="evenodd" clip-rule="evenodd" d="M10 2.9c-3.9 0-7.1 3.2-7.1 7.1s3.2 7.1 7.1 7.1 7.1-3.2 7.1-7.1-3.2-7.1-7.1-7.1zm-.7 10.3-3-2.1.7-1 2 1.4 3.4-4.9 1 .7-4.1 5.9z"></path></svg><span>Following</span></a></fbs-cordial></div></div><span class="ycHdAQ4U _0th4g">Nov 20, 2024, 03:16am EST</span></div><div class="YHOim KpLaT jOjL0"><div class="WkaGZ"><div><div class="rwK2G"><div class="socialShareContainer"><button type="button" aria-label="open share menu" class="sTVDLFT0 AYwaD CKkMh"><svg class="fs-icon fs-icon--share" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 24 24"><path fill-rule="evenodd" clip-rule="evenodd" d="M18 16.1c-.8 0-1.4.3-2 .8l-7.1-4.2c.1-.2.1-.5.1-.7s0-.5-.1-.7L16 7.2c.5.5 1.2.8 2 .8 1.7 0 3-1.3 3-3s-1.3-3-3-3-3 1.3-3 3c0 .2 0 .5.1.7L8 9.8C7.5 9.3 6.8 9 6 9c-1.7 0-3 1.3-3 3s1.3 3 3 3c.8 0 1.5-.3 2-.8l7.1 4.2c-.1.2-.1.4-.1.6 0 1.6 1.3 2.9 2.9 2.9s2.9-1.3 2.9-2.9-1.2-2.9-2.8-2.9z"></path></svg></button></div><button disabled="" type="button" class="sElHJWe4 CKkMh RbOxY _0YX29K8j"><svg class="fs-icon fs-icon--saved-article" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 20 20"><path d="M13.9 3c.7 0 1.3.6 1.3 1.3V17L10 13.9 4.8 17V4.3c0-.7.5-1.3 1.3-1.3h7.8z"></path></svg><span class="IHojBFcO">Save Article</span></button></div><div class="b6Cr_"><div class="cUFgk"><div class="fs-article fs-responsive-text current-article article-body"><div class=""><figure class="embed-base image-embed embed-6" role="presentation"><div style="padding-top:66.53%;position:relative" class="image-embed__placeholder"><progressive-image src="https://specials-images.forbesimg.com/imageserve/673dd6b98d391dffc7991694/Bernard-Arnault--middle--receives-the-Malcolm-S--Forbes-Lifetime-Achievement-Award/960x0.jpg?fit=scale" alt="Bernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media. " data-height="2610" data-width="3916"></progressive-image></div><figcaption><fbs-accordion class="expandable" current="-1"><p class="color-body light-text">Bernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher <span class="plus" data-ga-track="caption expand">... [+]</span><span class="expanded-caption"> Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media.</span></p></fbs-accordion><small>Courtesy of Forbes Asia</small></figcaption></figure> <p><a href="https://www.forbes.com/profile/bernard-arnault/?list=billionaires" target="_self" class="color-link" title="https://www.forbes.com/profile/bernard-arnault/?list=billionaires" data-ga-track="InternalLink:https://www.forbes.com/profile/bernard-arnault/?list=billionaires" aria-label="Bernard Arnault">Bernard Arnault</a>, chairman and CEO of <a href="https://www.lvmh.com/en" rel="nofollow noopener noreferrer" target="_blank" class="color-link" title="https://www.lvmh.com/en" data-ga-track="ExternalLink:https://www.lvmh.com/en" aria-label="LVMH Group">LVMH Group</a>, received the Malcolm S. Forbes Lifetime Achievement Award at the Forbes Global CEO Conference 2024 on Wednesday in Bangkok.</p> <div class="halfway_hardwall_1"></div> <p>The award recognizes a lifetime of achievement and is a celebration of the global business success bestowed upon an individual who embodies and exemplifies the ideals of entrepreneurship championed by the late Malcolm S. Forbes, the legendary publisher of <em>Forbes</em>.</p> <div class="halfway_hardwall_2"></div> <div class="article_paragraph_2"></div> <p>A civil engineer by training, Arnault went on to parlay a small fortune from his family’s construction business in northern France into a multibillion dollar global fashion empire. With a net worth of $156 billion, Arnault is the world’s fifth-richest person, according to <em>Forbes</em>’ real-time data.</p> <div class="halfway_hardwall_3"></div> <div class="vestpocket" vest-pocket=""></div> <p>Arnault created LVMH to become the world’s largest luxury conglomerate by market cap ($312 billion) with a portfolio of over 75 luxury brands including flagship Louis Vuitton and Moet Hennessy. The French tycoon got his start with the acquisition of Christian Dior in 1984 and over four decades stitched together a series of deals under LVMH, the largest of which was the $15.8 billion acquisition of American jeweler Tiffany & Co. in 2021.</p> <div class="halfway_hardwall_4"></div> <p>“There was nothing in his background to suggest he would revolutionize the luxury industry. But great insights and innovations often come from outsiders, who see what others missed,” Steve Forbes, chairman and editor-in-chief of <em>Forbes Media</em>, said as he presented the award to Arnault. “When Bernard Arnault learned Christian Dior, the crown jewel of French luxury, was buried in a family textile conglomerate, he recognized the opportunity that others missed. He saw the foundation of something extraordinary.”</p> <div class="recirc-module single-line"> <span class="single-line-read-more">Read More: </span> <a class="single-line-link" data-ga-track="single-line-recirc-content_6740480d778b221c7b68aee6" href="http://www.forbes.com/sites/jonathanburgos/2024/11/22/billionaire-ex-pm-thaksin-calls-for-lower-taxes-and-electricity-tariffs-to-boost-thailands-competitiveness/">Billionaire Ex-PM Thaksin Calls For Lower Taxes And Electricity Tariffs To Boost Thailand’s Competitiveness</a> </div> <p>LVMH, which operates over 6,000 stores globally and employs more than 200,000 people, saw net profit rise 8% last year to 14.1 billion euros ($15 billion) on 86.2 billion euros in revenue fueled by strong growth across its business divisions including fragrances and makeup.</p> <p>“We are not aiming for short term profit growth, we say in the company that profitability is a consequence,” Arnault, 75, said in his acceptance speech. “What we want is to do the most beautiful products of the highest level of quality as possible.”</p><fbs-ad position="inread" progressive="" ad-id="article-0-inread" aria-hidden="true" role="presentation"></fbs-ad> <p>Arnault first expanded LVMH’s global footprint to China in the 1990s, where increasing spending power translated into exponential sales growth. The region is now the biggest market for the company, accounting for about 34% of group sales in 2023, followed by the U.S. with 26%.</p> <p>Apart from scaling up LVMH into a global fashion house, Arnault has also been investing in technology companies in recent years. His holding company Agache backs venture capital firm Aglaé Ventures, which has investments in businesses such as Netflix and ByteDance.</p> <script> function loadConnatixScript(document) { if (!window.cnxel) { window.cnxel = {}; window.cnxel.cmd = []; var iframe = document.createElement('iframe'); iframe.style.display = 'none'; iframe.onload = function() { var iframeDoc = iframe.contentWindow.document; var script = iframeDoc.createElement('script'); script.src = '//cd.elements.video/player.js' + '?cid=' + '62cec241-7d09-4462-afc2-f72f8d8ef40a'; script.setAttribute('defer', '1'); script.setAttribute('type', 'text/javascript'); iframeDoc.body.appendChild(script); }; document.head.appendChild(iframe); const preloadResourcesEndpoint = 'https://cds.elements.video/a/preload-resources-ovp.json'; fetch(preloadResourcesEndpoint, { priority: 'low' }) .then(response => { if (!response.ok) { throw new Error('Network response was not ok', preloadResourcesEndpoint); } return response.json(); }) .then(data => { const cssUrl = data.css; const cssUrlLink = document.createElement('link'); cssUrlLink.rel = 'stylesheet'; cssUrlLink.href = cssUrl; cssUrlLink.as = 'style'; cssUrlLink.media = 'print'; cssUrlLink.onload = function() { this.media = 'all'; }; document.head.appendChild(cssUrlLink); const hls = data.hls; const hlsScript = document.createElement('script'); hlsScript.src = hls; hlsScript.setAttribute('defer', '1'); hlsScript.setAttribute('type', 'text/javascript'); document.head.appendChild(hlsScript); }).catch(error => { console.error('There was a problem with the fetch operation:', error); }); } } loadConnatixScript(document); </script> <script class="fbs-cnx"> (function() { function createUniqueId() { return 'xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx'.replace(/[xy]/g, function(c) { var r = Math.random() * 16 | 0, v = c == 'x' ? r : (r & 0x3 | 0x8); return v.toString(16); }); } const randId = createUniqueId(); document.getElementsByClassName('fbs-cnx')[0].setAttribute('id', randId); document.getElementById(randId).removeAttribute('class'); (new Image()).src = 'https://capi.elements.video/tr/si?token=' + '44f947fb-a5ce-41f1-a4fc-78dcf31c262a' + '&cid=' + '62cec241-7d09-4462-afc2-f72f8d8ef40a'; cnxel.cmd.push(function () { cnxel({ playerId: '44f947fb-a5ce-41f1-a4fc-78dcf31c262a', playlistId: '9f914deb-4288-4fd7-b59b-0d4d3ca3c704', }).render(randId); }); })(); </script> <p>Reflecting his belief that active participation of the controlling shareholders’ family in the business provides stability and continuity, Arnault’s five children all work at LVMH.</p><figure class="embed-base image-embed embed-5" role="presentation"><div style="padding-top:65.26%;position:relative" class="image-embed__placeholder"><progressive-image src="https://specials-images.forbesimg.com/imageserve/615daf1082a521d2906bb66d/Bernard-Arnault-by-Jamel-Toppin-34469/960x0.jpg?fit=scale" alt="Bernard Arnault by Jamel Toppin-34469" data-height="1542" data-width="2358"></progressive-image></div><figcaption><fbs-accordion class="expandable" current="-1"><p class="color-body light-text">Bernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, photographed by Jamel Toppin <span class="plus" data-ga-track="caption expand">... [+]</span><span class="expanded-caption"> for Forbes in September 2019.</span></p></fbs-accordion><small>Jamel Toppin/The Forbes Collection;</small></figcaption></figure> <p>"An active shareholding family is an incredible asset for a company: it provides stability, continuity in strategic options, constant control in execution, and long-term projection,” Arnault said.</p> <p>Arnault’s eldest daughter, Delphine, 49, is chairman and CEO of Christian Dior Couture, the group’s second-biggest brand by sales after Louis Vuitton. Antoine, 47, is in charge of image and environment across the group and is also vice chairman and chief executive of holding company Christian Dior SE through which the family controls LVMH.</p> <div class="article_paragraph_7"></div> <p>Earlier in November, Alexandre, 32, was appointed deputy chief executive Moet Hennessy, after spending four years as a senior executive at New York-based Tiffany & Co, where he was credited with refreshing the jewelry brand. Frédéric, 29, heads one of the family’s main holding companies, Financière Agache, which controls LVMH, while Jean, 26, runs watchmaking at Louis Vuitton.</p> <div class="newsletter_signup_article"></div></div></div></div><span class="Nj1i5"><span> Send me a secure </span><a href="https://www.forbes.com/tips/" target="_blank" rel="nofollow noopener noreferrer">tip</a>.</span><div class="_38K2d"><a class="TYbQt" href="https://www.forbes.com/sites/forbesstaff/article/forbes-editorial-values-and-standards/" rel="noopener noreferrer" target="_blank">Editorial Standards</a><span class="HMT72"></span><a class="TYbQt" href="https://www.parsintl.com/publications/forbes/" rel="noopener noreferrer" target="_blank">Forbes Accolades</a></div></div><div class="AP8Ys" style="min-height:527px;width:100%"></div></div></div><div class="TRJgE"><div class="nHvoF" style="top:-31px"><span class="gB1W8">LOADING VIDEO PLAYER...</span><div class="fsbK_"></div><span class="St_cb">FORBES’ FEATURED Video</span></div><div class="_63PTi htp9V" data-testid="fbs-ad - rightRail"><div class="G9049W9y -pNJMgij wr9U2 QUrA_" aria-hidden="true" role="presentation" tabindex="-1" data-testid="ad-container" style="top:-22px"></div></div><div class="OHIqw"><div class="_6DvVC G9x3X" style="top:0"><div class="_YMAt"><div></div><div class="AP8Ys" style="min-height:34px;width:185px"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div><div class="AP8Ys" style="min-height:24px;width:100%"></div></div></div></div><div class="_63PTi htp9V" data-testid="fbs-ad - rightRail"><div class="G9049W9y -pNJMgij wr9U2 QUrA_" aria-hidden="true" role="presentation" tabindex="-1" data-testid="ad-container" style="top:-22px"></div></div></div></div><div class="medianet-wrapper ad-unit mnet-btf medianet KpLaT DaonF"><div class="HMpzH"><div class="G9049W9y -f56S99- paUHo" aria-hidden="true" role="presentation" tabindex="-1" data-testid="ad-container"></div></div></div><div class="paywall_ribbon"></div></main></article><footer class="smP7p--o" role="contentinfo"><div class="_1FviBxkI"><div class="RS-LXz9z"><a aria-label="Link to Forbes Homepage" class="Shi6M7tj" href="https://www.forbes.com/"><svg class="fs-icon fs-icon--forbes-logo" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 200 54"><path d="M113.3 18.2c0-5.8.1-11.2.4-16.2L98.4 4.9v1.4l1.5.2c1.1.1 1.8.5 2.2 1.1.4.7.7 1.7.9 3.2.2 2.9.4 9.5.3 19.9 0 10.3-.1 16.8-.3 19.3 5.5 1.2 9.8 1.7 13 1.7 6 0 10.7-1.7 14.1-5.2 3.4-3.4 5.2-8.2 5.2-14.1 0-4.7-1.3-8.6-3.9-11.7-2.6-3.1-5.9-4.6-9.8-4.6-2.6 0-5.3.7-8.3 2.1zm.3 30.8c-.2-3.2-.4-12.8-.4-28.5.9-.3 2.1-.5 3.6-.5 2.4 0 4.3 1.2 5.7 3.7 1.4 2.5 2.1 5.5 2.1 9.3 0 4.7-.8 8.5-2.4 11.7-1.6 3.1-3.6 4.7-6.1 4.7-.8-.2-1.6-.3-2.5-.4zM41 3H1v2l2.1.2c1.6.3 2.7.9 3.4 1.8.7 1 1.1 2.6 1.2 4.8.8 10.8.8 20.9 0 30.2-.2 2.2-.6 3.8-1.2 4.8-.7 1-1.8 1.6-3.4 1.8l-2.1.3v2h25.8v-2l-2.7-.2c-1.6-.2-2.7-.9-3.4-1.8-.7-1-1.1-2.6-1.2-4.8-.3-4-.5-8.6-.5-13.7l5.4.1c2.9.1 4.9 2.3 5.9 6.7h2V18.9h-2c-1 4.3-2.9 6.5-5.9 6.6l-5.4.1c0-9 .2-15.4.5-19.3h7.9c5.6 0 9.4 3.6 11.6 10.8l2.4-.7L41 3zm-4.7 30.8c0 5.2 1.5 9.5 4.4 12.9 2.9 3.4 7.2 5 12.6 5s9.8-1.7 13-5.2c3.2-3.4 4.7-7.7 4.7-12.9s-1.5-9.5-4.4-12.9c-2.9-3.4-7.2-5-12.6-5s-9.8 1.7-13 5.2c-3.2 3.4-4.7 7.7-4.7 12.9zm22.3-11.4c1.2 2.9 1.7 6.7 1.7 11.3 0 10.6-2.2 15.8-6.5 15.8-2.2 0-3.9-1.5-5.1-4.5-1.2-3-1.7-6.8-1.7-11.3C47 23.2 49.2 18 53.5 18c2.2-.1 3.9 1.4 5.1 4.4zm84.5 24.3c3.3 3.3 7.5 5 12.5 5 3.1 0 5.8-.6 8.2-1.9 2.4-1.2 4.3-2.7 5.6-4.5l-1-1.2c-2.2 1.7-4.7 2.5-7.6 2.5-4 0-7.1-1.3-9.2-4-2.2-2.7-3.2-6.1-3-10.5H170c0-4.8-1.2-8.7-3.7-11.8-2.5-3-6-4.5-10.5-4.5-5.6 0-9.9 1.8-13 5.3-3.1 3.5-4.6 7.8-4.6 12.9 0 5.2 1.6 9.4 4.9 12.7zm7.4-25.1c1.1-2.4 2.5-3.6 4.4-3.6 3 0 4.5 3.8 4.5 11.5l-10.6.2c.1-3 .6-5.7 1.7-8.1zm46.4-4c-2.7-1.2-6.1-1.9-10.2-1.9-4.2 0-7.5 1.1-10 3.2s-3.8 4.7-3.8 7.8c0 2.7.8 4.8 2.3 6.3 1.5 1.5 3.9 2.8 7 3.9 2.8 1 4.8 2 5.8 2.9 1 1 1.6 2.1 1.6 3.6 0 1.4-.5 2.7-1.6 3.7-1 1.1-2.4 1.6-4.2 1.6-4.4 0-7.7-3.2-10-9.6l-1.7.5.4 10c3.6 1.4 7.6 2.1 12 2.1 4.6 0 8.1-1 10.7-3.1 2.6-2 3.9-4.9 3.9-8.5 0-2.4-.6-4.4-1.9-5.9-1.3-1.5-3.4-2.8-6.4-4-3.3-1.2-5.6-2.3-6.8-3.3-1.2-1-1.8-2.2-1.8-3.7s.4-2.7 1.3-3.7 2-1.4 3.4-1.4c4 0 6.9 2.9 8.7 8.6l1.7-.5-.4-8.6zm-96.2-.9c-1.4-.7-2.9-1-4.6-1-1.7 0-3.4.7-5.3 2.1-1.9 1.4-3.3 3.3-4.4 5.9l.1-8-15.2 3v1.4l1.5.1c1.9.2 3 1.7 3.2 4.4.6 6.2.6 12.8 0 19.8-.2 2.7-1.3 4.1-3.2 4.4l-1.5.2v1.9h21.2V49l-2.7-.2c-1.9-.2-3-1.7-3.2-4.4-.6-5.8-.7-12-.2-18.4.6-1 1.9-1.6 3.9-1.8 2-.2 4.3.4 6.7 1.8l3.7-9.3z"></path></svg></a><div class="QUZBXqTw">© 2024 Forbes Media LLC. 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","aspectRatio":66.64964249233913,"author":"5005386","newTabLink":false,"adsDisabled":false,"autoplay":false,"floatingEnabled":false,"pauseAd":false,"secretAutoplay":false,"muted":false,"live":false},"inflatedHTML":"\u003cfigure class=\"embed-base image-embed embed-6\" role=\"presentation\"\u003e\u003cdiv\u003e\u003cimg src=\"https://specials-images.forbesimg.com/imageserve/673dd6b98d391dffc7991694/Bernard-Arnault--middle--receives-the-Malcolm-S--Forbes-Lifetime-Achievement-Award/960x0.jpg?fit=scale\" alt=\"Bernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media. \" data-height=\"2610\" data-width=\"3916\"/\u003e\u003c/div\u003e\u003cfigcaption\u003e\u003cfbs-accordion\u003e\u003cp class=\"color-body light-text\"\u003eBernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media. \u003c/p\u003e\u003c/fbs-accordion\u003e\u003csmall class=\"color-body light-text\"\u003eCourtesy of Forbes Asia\u003c/small\u003e\u003c/figcaption\u003e\u003c/figure\u003e","position":"top"},{"id":5,"type":"image","data":{"source":"dam","html":"Bernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, photographed by Jamel Toppin for Forbes in September 2019.","guid":"615daf1082a521d2906bb66d","caption":"Bernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, photographed by Jamel Toppin for Forbes in September 2019.","credit":"Jamel Toppin/The Forbes Collection;","width":2358,"height":1542,"cropRatioName":"custom","hasTransparency":false,"alignment":"","imageType":"image/jpeg","altText":"Bernard Arnault by Jamel Toppin-34469","aspectRatio":65.39440203562341,"author":"2958656","newTabLink":false,"adsDisabled":false,"autoplay":false,"floatingEnabled":false,"pauseAd":false,"secretAutoplay":false,"muted":false,"live":false},"inflatedHTML":"\u003cfigure class=\"embed-base image-embed embed-5\" role=\"presentation\"\u003e\u003cdiv\u003e\u003cimg src=\"https://specials-images.forbesimg.com/imageserve/615daf1082a521d2906bb66d/Bernard-Arnault-by-Jamel-Toppin-34469/960x0.jpg?fit=scale\" alt=\"Bernard Arnault by Jamel Toppin-34469\" data-height=\"1542\" data-width=\"2358\"/\u003e\u003c/div\u003e\u003cfigcaption\u003e\u003cfbs-accordion\u003e\u003cp class=\"color-body light-text\"\u003eBernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, photographed by Jamel Toppin for Forbes in September 2019.\u003c/p\u003e\u003c/fbs-accordion\u003e\u003csmall class=\"color-body light-text\"\u003eJamel Toppin/The Forbes Collection;\u003c/small\u003e\u003c/figcaption\u003e\u003c/figure\u003e","position":"middle"}],"encodedURI":"https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjonathanburgos%2F2024%2F11%2F20%2Flvmh-billionaire-bernard-arnault-receives-malcolm-s-forbes-lifetime-achievement-award%2F","doNotPromote":"","topStories":false,"isForbesFinds":false,"isPremiumAndNotMasthead":false,"checkTimestamp":false,"checkAllMetrics":false,"emptyArticleMetrics":false,"emptyPremiumBlockDesktop":false,"emptyPremiumBlockMobile":false,"isPremiumBadge":false,"checkPremiumContentPaywall":true,"isToplineOrStandard":true,"showOpenWeb":false,"evergreenStory":false,"evergreenFAQsData":[],"showEvergreenFAQ":false,"evergreenTableOfContents":[],"showSaveArticle":true,"socialMap":{"facebook":{"sharingLink":"https://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjonathanburgos%2F2024%2F11%2F20%2Flvmh-billionaire-bernard-arnault-receives-malcolm-s-forbes-lifetime-achievement-award%2F","platform":"Facebook"},"twitter":{"sharingLink":"https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjonathanburgos%2F2024%2F11%2F20%2Flvmh-billionaire-bernard-arnault-receives-malcolm-s-forbes-lifetime-achievement-award%2F\u0026text=LVMH%20Billionaire%20Bernard%20Arnault%20Receives%20Malcolm%20S.%20Forbes%20Lifetime%20Achievement%20Award%20via%20%40forbes","platform":"Twitter"},"linkedin":{"sharingLink":"https://www.linkedin.com/shareArticle?mini=true\u0026url=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjonathanburgos%2F2024%2F11%2F20%2Flvmh-billionaire-bernard-arnault-receives-malcolm-s-forbes-lifetime-achievement-award%2F\u0026title=LVMH%20Billionaire%20Bernard%20Arnault%20Receives%20Malcolm%20S.%20Forbes%20Lifetime%20Achievement%20Award\u0026summary=Bernard%20Arnault%2C%20chairman%20and%20CEO%20of%20LVMH%20Group%2C%20received%20the%20Malcolm%20S.%20Forbes%20Lifetime%20Achievement%20Award%20at%20the%20Forbes%20Global%20CEO%20Conference%202024%20on%20Wednesday%20in%20Bangkok.%20","platform":"Linkedin"}},"topOfArticleChecks":{"isBreakingOrNewsletterBadge":false,"isBadgeVisible":true,"isChannelSectionVisible":true,"isNotNoHeadline":true,"isPremiumNotMasthead":false,"isTMS":true,"hasVisiblePremiumBadge":true},"isApi":false,"preloadImage":"https://imageio.forbes.com/specials-images/imageserve/673dd6b98d391dffc7991694/Bernard-Arnault--middle--receives-the-Malcolm-S--Forbes-Lifetime-Achievement-Award/960x0.jpg?format=jpg\u0026width=960","hasAutoPlayVideos":true,"hasRightRailVideoPlayer":true,"breadCrumbsData":[{"link":"https://www.forbes.com/asia/","title":"Asia","trackingProps":{"category":"Template Area Interaction","action":"click","label":"breadcrumb-L2"}}],"articleBodyChunks":[{"__html":"\u003cfigure class=\"embed-base image-embed embed-6\" role=\"presentation\"\u003e\u003cdiv style=\"padding-top:66.53%;position:relative\" class=\"image-embed__placeholder\"\u003e\u003cprogressive-image src=\"https://specials-images.forbesimg.com/imageserve/673dd6b98d391dffc7991694/Bernard-Arnault--middle--receives-the-Malcolm-S--Forbes-Lifetime-Achievement-Award/960x0.jpg?fit=scale\" alt=\"Bernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media. \" data-height=\"2610\" data-width=\"3916\"\u003e\u003c/progressive-image\u003e\u003c/div\u003e\u003cfigcaption\u003e\u003cfbs-accordion class=\"expandable\" current=\"-1\"\u003e\u003cp class=\"color-body light-text\"\u003eBernard Arnault (middle) receives the Malcolm S. Forbes Lifetime Achievement Award from Christopher \u003cspan class=\"plus\" data-ga-track=\"caption expand\"\u003e... [+]\u003c/span\u003e\u003cspan class=\"expanded-caption\"\u003e Forbes (left), vice-chairman of Forbes Media, and Steve Forbes (right), chairman and editor-in-chief of Forbes Media.\u003c/span\u003e\u003c/p\u003e\u003c/fbs-accordion\u003e\u003csmall\u003eCourtesy of Forbes Asia\u003c/small\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\u003ca href=\"https://www.forbes.com/profile/bernard-arnault/?list=billionaires\" target=\"_self\" class=\"color-link\" title=\"https://www.forbes.com/profile/bernard-arnault/?list=billionaires\" data-ga-track=\"InternalLink:https://www.forbes.com/profile/bernard-arnault/?list=billionaires\" aria-label=\"Bernard Arnault\"\u003eBernard Arnault\u003c/a\u003e, chairman and CEO of \u003ca href=\"https://www.lvmh.com/en\" rel=\"nofollow noopener noreferrer\" target=\"_blank\" class=\"color-link\" title=\"https://www.lvmh.com/en\" data-ga-track=\"ExternalLink:https://www.lvmh.com/en\" aria-label=\"LVMH Group\"\u003eLVMH Group\u003c/a\u003e, received the Malcolm S. Forbes Lifetime Achievement Award at the Forbes Global CEO Conference 2024 on Wednesday in Bangkok.\u003c/p\u003e\n\u003cdiv class=\"halfway_hardwall_1\"\u003e\u003c/div\u003e\n\u003cp\u003eThe award recognizes a lifetime of achievement and is a celebration of the global business success bestowed upon an individual who embodies and exemplifies the ideals of entrepreneurship championed by the late Malcolm S. Forbes, the legendary publisher of \u003cem\u003eForbes\u003c/em\u003e.\u003c/p\u003e\n\u003cdiv class=\"halfway_hardwall_2\"\u003e\u003c/div\u003e\n\u003cdiv class=\"article_paragraph_2\"\u003e\u003c/div\u003e\n\u003cp\u003eA civil engineer by training, Arnault went on to parlay a small fortune from his family’s construction business in northern France into a multibillion dollar global fashion empire. With a net worth of $156 billion, Arnault is the world’s fifth-richest person, according to \u003cem\u003eForbes\u003c/em\u003e’ real-time data.\u003c/p\u003e\n\u003cdiv class=\"halfway_hardwall_3\"\u003e\u003c/div\u003e\n\u003cdiv class=\"vestpocket\" vest-pocket=\"\"\u003e\u003c/div\u003e\n\u003cp\u003eArnault created LVMH to become the world’s largest luxury conglomerate by market cap ($312 billion) with a portfolio of over 75 luxury brands including flagship Louis Vuitton and Moet Hennessy. The French tycoon got his start with the acquisition of Christian Dior in 1984 and over four decades stitched together a series of deals under LVMH, the largest of which was the $15.8 billion acquisition of American jeweler Tiffany \u0026amp; Co. in 2021.\u003c/p\u003e\n\u003cdiv class=\"halfway_hardwall_4\"\u003e\u003c/div\u003e\n\u003cp\u003e“There was nothing in his background to suggest he would revolutionize the luxury industry. But great insights and innovations often come from outsiders, who see what others missed,” Steve Forbes, chairman and editor-in-chief of \u003cem\u003eForbes Media\u003c/em\u003e, said as he presented the award to Arnault. “When Bernard Arnault learned Christian Dior, the crown jewel of French luxury, was buried in a family textile conglomerate, he recognized the opportunity that others missed. He saw the foundation of something extraordinary.”\u003c/p\u003e\n\u003cdiv class=\"recirc-module single-line\"\u003e\n\t\t\t\u003cspan class=\"single-line-read-more\"\u003eRead More: \u003c/span\u003e\n\t\t\t\u003ca class=\"single-line-link\" data-ga-track=\"single-line-recirc-content_6740480d778b221c7b68aee6\" href=\"http://www.forbes.com/sites/jonathanburgos/2024/11/22/billionaire-ex-pm-thaksin-calls-for-lower-taxes-and-electricity-tariffs-to-boost-thailands-competitiveness/\"\u003eBillionaire Ex-PM Thaksin Calls For Lower Taxes And Electricity Tariffs To Boost Thailand’s Competitiveness\u003c/a\u003e\n\t\t\u003c/div\u003e\n\u003cp\u003eLVMH, which operates over 6,000 stores globally and employs more than 200,000 people, saw net profit rise 8% last year to 14.1 billion euros ($15 billion) on 86.2 billion euros in revenue fueled by strong growth across its business divisions including fragrances and makeup.\u003c/p\u003e\n\u003cp\u003e“We are not aiming for short term profit growth, we say in the company that profitability is a consequence,” Arnault, 75, said in his acceptance speech. “What we want is to do the most beautiful products of the highest level of quality as possible.”\u003c/p\u003e\u003cfbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"\u003e\u003c/fbs-ad\u003e\n\u003cp\u003eArnault first expanded LVMH’s global footprint to China in the 1990s, where increasing spending power translated into exponential sales growth. The region is now the biggest market for the company, accounting for about 34% of group sales in 2023, followed by the U.S. with 26%.\u003c/p\u003e\n\u003cp\u003eApart from scaling up LVMH into a global fashion house, Arnault has also been investing in technology companies in recent years. His holding company Agache backs venture capital firm Aglaé Ventures, which has investments in businesses such as Netflix and ByteDance.\u003c/p\u003e\n\u003cscript\u003e\n function loadConnatixScript(document) {\n if (!window.cnxel) {\n window.cnxel = {};\n window.cnxel.cmd = [];\n var iframe = document.createElement('iframe');\n iframe.style.display = 'none';\n iframe.onload = function() {\n var iframeDoc = iframe.contentWindow.document;\n var script = iframeDoc.createElement('script');\n script.src = '//cd.elements.video/player.js' + '?cid=' + '62cec241-7d09-4462-afc2-f72f8d8ef40a';\n script.setAttribute('defer', '1');\n script.setAttribute('type', 'text/javascript');\n iframeDoc.body.appendChild(script);\n };\n document.head.appendChild(iframe);\n\n const preloadResourcesEndpoint = 'https://cds.elements.video/a/preload-resources-ovp.json';\n fetch(preloadResourcesEndpoint, { priority: 'low' })\n .then(response =\u003e {\n if (!response.ok) {\n throw new Error('Network response was not ok', preloadResourcesEndpoint);\n }\n return response.json();\n })\n .then(data =\u003e {\n const cssUrl = data.css;\n const cssUrlLink = document.createElement('link');\n cssUrlLink.rel = 'stylesheet';\n cssUrlLink.href = cssUrl;\n cssUrlLink.as = 'style';\n cssUrlLink.media = 'print';\n cssUrlLink.onload = function() {\n this.media = 'all';\n };\n document.head.appendChild(cssUrlLink);\n\n const hls = data.hls;\n const hlsScript = document.createElement('script');\n hlsScript.src = hls;\n hlsScript.setAttribute('defer', '1');\n hlsScript.setAttribute('type', 'text/javascript');\n document.head.appendChild(hlsScript);\n }).catch(error =\u003e {\n console.error('There was a problem with the fetch operation:', error);\n });\n }\n }\n loadConnatixScript(document);\n\u003c/script\u003e\n\u003cscript class=\"fbs-cnx\"\u003e\n (function() {\n function createUniqueId() {\n return 'xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx'.replace(/[xy]/g, function(c) {\n var r = Math.random() * 16 | 0,\n v = c == 'x' ? r : (r \u0026 0x3 | 0x8);\n return v.toString(16);\n });\n }\n const randId = createUniqueId();\n document.getElementsByClassName('fbs-cnx')[0].setAttribute('id', randId);\n document.getElementById(randId).removeAttribute('class');\n (new Image()).src = 'https://capi.elements.video/tr/si?token=' + '44f947fb-a5ce-41f1-a4fc-78dcf31c262a' + '\u0026cid=' + '62cec241-7d09-4462-afc2-f72f8d8ef40a';\n cnxel.cmd.push(function () {\n cnxel({\n playerId: '44f947fb-a5ce-41f1-a4fc-78dcf31c262a',\n playlistId: '9f914deb-4288-4fd7-b59b-0d4d3ca3c704',\n }).render(randId);\n });\n })();\n\u003c/script\u003e\n\u003cp\u003eReflecting his belief that active participation of the controlling shareholders’ family in the business provides stability and continuity, Arnault’s five children all work at LVMH.\u003c/p\u003e\u003cfigure class=\"embed-base image-embed embed-5\" role=\"presentation\"\u003e\u003cdiv style=\"padding-top:65.26%;position:relative\" class=\"image-embed__placeholder\"\u003e\u003cprogressive-image src=\"https://specials-images.forbesimg.com/imageserve/615daf1082a521d2906bb66d/Bernard-Arnault-by-Jamel-Toppin-34469/960x0.jpg?fit=scale\" alt=\"Bernard Arnault by Jamel Toppin-34469\" data-height=\"1542\" data-width=\"2358\"\u003e\u003c/progressive-image\u003e\u003c/div\u003e\u003cfigcaption\u003e\u003cfbs-accordion class=\"expandable\" current=\"-1\"\u003e\u003cp class=\"color-body light-text\"\u003eBernard Arnault, Chairman and CEO, LVMH Moet Hennessy Louis Vuitton, photographed by Jamel Toppin \u003cspan class=\"plus\" data-ga-track=\"caption expand\"\u003e... [+]\u003c/span\u003e\u003cspan class=\"expanded-caption\"\u003e for Forbes in September 2019.\u003c/span\u003e\u003c/p\u003e\u003c/fbs-accordion\u003e\u003csmall\u003eJamel Toppin/The Forbes Collection;\u003c/small\u003e\u003c/figcaption\u003e\u003c/figure\u003e\n\u003cp\u003e\"An active shareholding family is an incredible asset for a company: it provides stability, continuity in strategic options, constant control in execution, and long-term projection,” Arnault said.\u003c/p\u003e\n\u003cp\u003eArnault’s eldest daughter, Delphine, 49, is chairman and CEO of Christian Dior Couture, the group’s second-biggest brand by sales after Louis Vuitton. Antoine, 47, is in charge of image and environment across the group and is also vice chairman and chief executive of holding company Christian Dior SE through which the family controls LVMH.\u003c/p\u003e\n\u003cdiv class=\"article_paragraph_7\"\u003e\u003c/div\u003e\n\u003cp\u003eEarlier in November, Alexandre, 32, was appointed deputy chief executive Moet Hennessy, after spending four years as a senior executive at New York-based Tiffany \u0026amp; Co, where he was credited with refreshing the jewelry brand. Frédéric, 29, heads one of the family’s main holding companies, Financière Agache, which controls LVMH, while Jean, 26, runs watchmaking at Louis Vuitton.\u003c/p\u003e\n\u003cdiv class=\"newsletter_signup_article\"\u003e\u003c/div\u003e"}]},"fullAdZone":"/7175/fdc.forbes/article-d-delta-c","staticPageData":{},"header":[{"position":1,"sections":[],"title":"Trump Tracker","url":"https://www.forbes.com/trump/","type":"menu"},{"color":"centennial-silver","position":2,"sections":[{"sectionTitle":"World's Billionaires","sectionUrl":"https://www.forbes.com/billionaires/"},{"sectionTitle":"Forbes 400","sectionUrl":"https://www.forbes.com/forbes-400/"},{"sectionTitle":"America's Richest Self-Made Women","sectionUrl":"https://www.forbes.com/self-made-women/"},{"sectionTitle":"China's Richest","sectionUrl":"https://www.forbes.com/china-billionaires/"},{"sectionTitle":"India's Richest","sectionUrl":"https://www.forbes.com/india-billionaires/"},{"sectionTitle":"Indonesia's 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