Bernard Arnault, the richest man in the world and chairman and CEO of Louis Vuitton (LVMH), is seeking an heir to take over his businesses. The CEO of Louis Vuitton reportedly meets with his five kids once a month to interview them for the part, according to a Wall Street Journal report.
In a private dining area at the LVMH Moet Hennessy Louis Vuitton SE headquarters, Arnault had lunch with his kids. He reportedly talks about company-related subjects and strategy for almost 90 minutes of the 90-minute lunch.
The billionaire inquires whether it's time for a brand shake-up at one of LVMH's many businesses or for feedback on particular managers at the company.
(Also Read: Meet Satyanarayan Nuwal, from sleeping on Railway platforms to establishing Rs 35,800 crore defence equipments)
In this procedure, the kids give auditions to Arnault, who will ultimately choose one of them to succeed him and take over the luxury enterprise. However, the billionaire hasn't yet indicated who is likely to be crowned next since he adheres to his policy of selecting his successor based solely on merit.
According to a story in The Wall Street Journal, regular gatherings are a component of a long-term strategy to prepare his offspring to take over the business after his passing.
According to the Bloomberg Billionaires Index, Arnault surpassed Tesla CEO Elon Musk to claim the title of the richest person in the world last year. He has a net worth of $24,320 crores.
Arnault owns around half of the main luxury brand firms. The billionaire bought a majority interest in LVMH in 1989. The company's portfolio includes numerous premium brands like Louis Vuitton, Bulgari, Tiffany, Sephora, TAG Heuer, and Dom Perignon champagne.
