Luxury goods mogul Bernard Arnault is the world's third-richest person.
French billionaire Bernard Arnault is set to appoint two more of his children to LVMH's board, La Lettre first reported. Four of Arnault's five children will sit on the LVMH board if the expected appointments are confirmed.
Arnault is currently the world's third-richest person with a net worth of about $162 billion, according to estimates by Bloomberg. His wealth peaked at about $213 billion last year after he became only the third person to surpass the $200 billion mark following tech moguls Jeff Bezos and Elon Musk.
Arnault cofounded LVMH in the 1980s, and is its CEO and chair. The French luxury conglomerate owns a range of brands covering fashion, perfume, jewelry, watches, and alcohol including Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, Fenty Beauty, and Tiffany & Co.
In February 2023, Arnault's daughter, Delphine Arnault, became CEO of Dior. But it's not just Delphine who has risen up LVMH's ranks. All four of Bernard's sons work at LVMH and its brands, too.
Bernard, 74, has not said who he wants to take over from him, but it's a topic that gets discussed every time he gives one of his offspring a new role. In 2022 LVMH raised the age limit of its CEO from 75 to 80, extending Bernard's possible tenure.
"The best person inside the family or outside the family should be one day my successor," Bernard told The New York Times in September. "But it's not something that I hope is a duel for the near future."
Bernard has primed his children for leadership roles at the company since birth, though they say he never forced them to join LVMH. His offspring were sent to the best schools and as children would get quizzed on their math skills nearly every night, The Times reported.
"I didn't want them to start going to big parties," Bernard said of his children. "I made them work."
The Arnault family has been compared to HBO series "Succession," which sees the children of media mogul Logan Roy vying to take over as CEO.
"I know it's disappointing for a lot of people," Antoine Arnault, Bernard's oldest son, told The Times, "but we actually get on well."
Delphine and Antoine already sit on LVMH's board. La Lettre and other outlets reported that Alexandre Arnault and Frédéric Arnault are set to be nominated soon, leaving just Jean, the youngest of the siblings, off the board.