The Man Richer Than Jeff Bezos or Elon Musk | WSJ
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- čas přidán 2. 02. 2023
- 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
He got rich from humanity's vanity
The difference is amazon sells cheap stuff from China, France makes expensive stuff to sell to the rest of the world.
@@annabarr1304 Amazon is innovative. LVMH is just marketing.
@@annabarr1304 All made in China
@@annabarr1304 Amazon is more than marketplace lol.its an innovative tech company with many Amazon Web cloud services and research facilities
@@annabarr1304 France sells stuff by manufacturing them at very very cheap from China,bangaladesh and selling at much higher prices to the illiterates
"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.
In China for example, middle class can't afford houses or nice cars, but they saved up to buy a lv handbag. They can carry it everywhere they go, everyday to show off years ago, I think it's the lipstick economic. Ladies night not afford the Yves St Laurent perfume, but lipstick is affordable. Seems like they can afford YSL.
that... is an incredibly horrendous take.
I completely agree. But I cant really feel sorry for the rich idiots who are willing to get ripped off by him, so...
Pretentious
The richtest people are often not necessarily those with the best product but the best marketing aka propaganda aka psychological manipulation. Sad world.
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
Aside from military competition and economic competition, the Memphis Zoo in the United States did not take care of the panda Yaya, which is a thing that makes Chinese feel sad and angry, and now China's hot spot is that the American zoo only cares about the economic value of the panda, and does not take care of the panda!
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.
From a bussiness perspective is pretty impressive
@Nogent yet he bought Boussac thanks to his familly connections , Férinel the company founde by his grandfather that he inherited from his dad and money from the French state
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.
Aspirations
it's pathetic and we literally just let countries starve I'm definitely looking forward to when I pass away world is just disgusting but there is no reason to rush it along
@@___beyondhorizon4664 Aspire to become him
so they can finally show other people their wealth.. meanwhilee the hundred billionaire owner dont even use the logo lol
Perceived luxury to impress others
LVMH is basically Berkshire Hathaway of Fashion.
Interestingly, those who pursue luxury brands are those that disagree with his philosophy "pour vivre heureux vivons cachés".
It's nit "his" philosophy is a French idiom
well, if you hide, you are unaccountable. But we should be accountable
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!!
So that make you smarter than them?
@@untalented5157 I said genius not smart
Because only a genius can make business out of such a niche Market and play with people's psychology
Smart just goes to a 9 to 5
@@poopy8718 i was asking about you...
Are you feel more superior then bernald arnault consumers?
Idk about his family but he himself is wearing very expensive tailored suits in Italian linen. Just because it doesn’t have a monogram on it doesn’t mean plain looking clothes can’t be super expensive especially when you’re wearing cashmere vests.
@@Soggywaffle47 i never said he wears cheap clothes but decent clothes... He doesn't look like a clown in that like his customers
Nice "To live happily, you have to live hidden" 🙆♂
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.
Focus on two key objectives. First, stay protected by learning when to sell stocks to cut losses and capture profits. Second, prepare to profit when the market turns around. I recommend you seek the guidance a broker or financial advisor.
@MileyGodson Please can you leave the info of your investment advisor here? I’m in dire need for one.
Continue asking for advice on your portfolio in the comments. It’s truly the best way
Informative & to the point. Great video.
It only showed one side of the story, didnt cover his shady business acquisitions, gathering shares under the table from companies that did not want to sell, forming a monopoly on the luxury market, and turning what could be the main platforms for art and design, into a profit driven business with no regard for the designers or the consumers except how much product can they produce, and how much product can they sell. Has been taken to court multiple times by the french government due to his monopoly. Just shows how if your the richest man in the world, you can control the media narrative surrounding you.
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.
"In order to stay happy, you've to remain hidden." some French guy
He is just a pure genius businessman
Very interesting! Thanks!
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.
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 ?
Greed.
Could ask the same for guys like Gabe Newell or Markus Persson. Major video game industry entrepreneurs who objectively don’t contribute much “greater good” yet still attained substantial wealth. In Arnault’s case, much like the former two examples, it’s all to do with the industry and target market. Not measured based on the “greater good”, because no matter what:
- Kids, Teenagers and other gamers want to continue to play and have the opportunity to experience new titles
- people like to look good, no matter how inflated the cost
The concept of status symbols is a strange artificiality brought on by humans’ innate wish to be looked on better and not be “the outsider”. The person without that item. Arnault knows that it’s a fallacy and doesn’t use his company’s products himself, but he understands the psychological inclinations of his customers.
@elfrjz I also think steam is incredibly good. I’m just making a comparison of similarities. I have no opinion on Louis Vuitton because personally I have never used nor bought one of their products. I guess you could say the good they contribute is different depending on how you look at it. LV has contributed substantially to fashion, just as minecraft and steam have to gaming. Particularly with Steam’s development of easier accessibility to games. I’d be interested to hear your view about LV though, because I’m certainly not of a fashion background.
People buy luxury stuff to impress others. It's sort of a status symbol. People recognise it. I personal buy high street stuff to look good. Even though it's fast fashion, I don't keep buying, I see no point. I have a limited collection and wear stuff until it breaks, normally every 5 years or so.
vanity
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.
Nepotism
It's because he is french
AND YOU CAN SEE COMPANIES IN PIECES BECAUSE THE CHILDRENS ARE JUST GARBAGE
the grand father built , the father consolide, the son destroy.
Sometimes that is the only solution to save the business....especially if you have disagreeable feuding family members
The power of brands on our weak minds
He is a modern era Robinhood, robbing rich and it stops there.
sounds like the storyline of succession
why post this, who needs to know him, we all know what he is doing
the people that don't care on CZcams ?
Shut up Lucas
@@alainportant6412 you are freaky, never care !!!
This Video is Very Excellent. Thanks for Video.
Wow, the height of middle class consumer vanity. All the money channeled to no long term wealth creating for humanity.
It is wealth creating because he has created jobs…
@@slym741those jobs aren’t even that well paid, plus the brands he owns are declining in quality
@@adamsmith8952I’m pretty sure that could be said about 80% of things that exist. I’m so shocked at how bad people look at a fashion designer, but Exxon, Rupert Murdoch, all these other billionaires who are actively destroying the earth and society, is like oh well we need that. We totally need amazon, and the NBA, NFL etc. It’s so hilarious people’s hatred of fashion as like a virtue.
Employees
youd give your money to someone dripped in these designer brands over someone wearing simple clothes because you subconsciously know they can give a professional output. yall need to stop lying to yourselves
I don't understand the guy saying Bernard built the business himself when all of the fashion houses he bought are a century old. Unless of course by "built the business" he means acquired established luxury brands and turned them into JC Penny's. But acquisition & mergers isn't new or novel. Don't buy anything from Tiffany's, again, the companies he buys become essentially unrecognizable and you're quite literally overpaying for a brand name without the quality & craftsmanship that you could once at least convince yourself justifies the price.
Thanks for sharing
Familiy controlled buisness often survives longer than those controlled by venture firms
No utility, No Economic Value in his products. we are truly living in the worst timeline.
But are they meaningful?
Who determines value? Does art have value or utility? Does entertainment?
He’s probably awaiting for luxury space flights instead of regular as Bezos or Musk.
Richest should not be based on share market speculation alone
This man probably hates people like me because I'm frugal and minimalist.
Knowing these men, he'll probably respect you for it. Brands like this tend to look down most on their own largest potential audience: the ones who covet what they cannot afford.
These corporations throw you a bone (poor quality wallets for $800) at the pretense of inclusion and mock you while feasting with their own.
@@merry_christmas as merry said, he probably respects people like you as he behaves the same. He is also frugal as an individual.
@@madoxxxx06he most certainly isn’t
How do you guys know this man is frugal? This man’s target audience is not poor or middle classed people, he’s a fashion tycoon. I just don’t understand the hatred of fashion on this thread. I mean it’s cool if you dress however you feel, but the same way some people spend 2 dollars for a poster on a wall and someone spends 300 or 3000 I just don’t understand why artistic clothing gets so much hatred. I mean, how dare someone express themselves through clothing, or wear anything other than flannel shirts, white tees, jeans and some Nike monarchs.
@@Anderson_Se7en Yeah, I agree. Fashion is a good thing, but it's not for everyone. I am not the target audience, but I don't despise people who can afford those fashion clothing either. I do feel sorry for those who live paycheck to paycheck to keep up with the Joneses, however.
Matatan.🤔.
Ribirin HS,
I really love watch this type of documentary, well done,
Well done!
what’s funny is that LVMH wasn’t created by Bernard, he actually stole the conglomerate from the LV family
'Stole'
People like whining, but even the Vuitton heirs aren't complaining with what it became today.
Yeah just like elon stole tesla.
@@tylerdurden6060 they made those "stolen" highly successful
I just watched an entire documentary on that a couple weeks ago. He DID steal it! After watching that about how he got where he is, it's obvious that he's very cutthroat and evil imho
Very interesting to him 👏
It's a sign of our time. We're such brand slaves. We can only hope that this excess trickles down.
It won't, Revolution is absolutly needed ! 💥
The fact that dumb brands like Supreme got popular overnight still baffles me.
They already provide by giving jobs within the industry.
So proud of grandpa's xx
INTERESTING
The Waltons of luxury.
This is an old school businessman, which I like
Actually we don't know if he really is the richest mam, because the holding owning the LVMH shares is a family office, and don't publish the repartition of shares between Bernard Arnault, his wife and his 5 children. He probably already distributed the shares between his children, so he probably owns between 14% (1/7) and 51% of the holding
What about how he had money to buy dior in the first place ? BIG oversight don’t you think ? We cannot leave that crucial info to the side and continue perpetuating the idea that this kind of indecent wealth is in anyway well deserved. It’s on you journalists to shine light on that.
And he keeps a low profile: old school knowledge of keeping himself "un-loud"... true power. ♾️🌍🌎🌏♾️. Sadly- i believe it will be the New House of Gucci "insanity" years down the road.
Good thing is he is nobody roll model. He literally sell expensive stuff lol.
Other billionaires have at least help economy and stuff.
He just created ways for rich to waste . money
why would anyone like what he and his family has done? They've literally consolidated hundreds of billions of dollars. It's a succession of wealth that will continue down generations of his blood. Why is that admirable??
So successful and living so wisely - hope this amazingly rich family conglomerate is equally considerate vis-a-vis the use of animals in products to alleviate their suffering and support the survival of our planet🙏
When the tech companies lose money, the luxury companies earn 'cause the riches get rich and richer whenever there's a crisis. That's why LVMH can't bankrupt.
You can say watever you want, this guy is too strong!
Amazing how the family dress like normal people and not like clowns wearing those weird brands they own.
A man of class.
@@jollybegood communist moment
L
If a poor person is a hoarder it's seen as a mental health problem. If you're rich and a hoarder you are held on a pedestal and worshipped. 🤷
Well hording a business that puts food on many peoples tables vs hording boxes and old things that just burden the ones around you. But to each thier own.
It's about how big your house is I guess. As long as you got big enough house you can keep on hoarding.
@@albertsitoe7340 the world's billionaires have enough wealth to solve humanity's most pressing problems, hunger homelessness, etc.. many times over. And yet they choose not to. They are sociopaths
To live happily, you’ve to live hidden. It’s great to live inconspicuously.
He didn't build the empire from scratch, he stole it from the Vuitton family
People inheritance wealth or debt
More nepotism, and wealth that will never find it’s way into the domestic market. A net negative for the wealth of Paris and all countries supporting their brands.
It's a family business, so ...? Asians buy luxury brands more than other countries. In China, many middle class can't afford houses, or luxury cars, so working class spend on luxury handbags or men spend on shoes. At lease they can carry it/ wear it everywhere and everyday.
Once said I don’t know if in 50 years iPhone but we will still buy champagne …🎉
wsj means it's the tailor of jeff bezos or elon musk
So he had a rich dad, and he became richer than his dad
Someone in the family had to become rich first with their own 2 hands, correct? You want your kids and grandkids wealthy? Get wealthy first, then pass it on.
Yeah like musk
Legend
So smart ❤❤❤
The Silent Billionaire personified. This is what differentiates American from "classy" European billionaire.
It is all about selling superficial items for mark up prices 10x its worth and giving that money to a small group of people. Also have the traders on the stock exchange manipulate the market so those guys can get in on the action as well. its called class warfare.
I did a vlog with his daughter in Thailand. She is quite the comedian actually.
What’s the title?
If his company disappeared, the world will still run fine. If Amazon disappeared, we’re in big trouble.
😂 Ummm, no.
I don't use Amazon
Indirectly, everyone is using Amazon. You forget that there are more than 3 Million companies and many governments that are running on Amazon AWS cloud. More than 80% of the Fortune 500 companies are using AWS.
@@charlest2858 you do , it's just you are not aware, Amazon is not just online or retail store, Amazon cloud service is everywhere
The difference is that amazon runs on products from cheap Chinese labor. While LVMH workers are likely paid more and ran of factories outside of china.
#WSJ #LVMH #Arnault
They really do make beautiful clothes. LV has some of the best fashions, and the Dior brand definitely has had great ideas over the last few years. Contrast that with stuff from Gucci and it’s no contest. I understand all the hatred for fashion in the comments, that’s fair. However, there are those who simply appreciate beautiful and creative things. There’s nothing wrong with a reliable car that looks terrible, but some prefer a reliable car that looks beautiful. If brands can create this at a good price, even better. Typically what happens though, is these brands innovate ideas, then cheaper brands copy and put them on the masses 2-5 years later with even cheaper materials. These brands, along with places like Nike and yes Yeezy, are first to market with vision or are on the streets noticing hot trends before they take off. His sons for example wore Nikes with dress clothes which is common now, 15 years ago this was not. His son is over LV watches which have taken cues from the Apple Watch but beautified it. Some people have art on their walls, others have it on their person. Some have both. Some prefer a simple style, others love flamboyance. I always pay attention to beautiful things that stand the test of time.
Not for long.
Agreed, at this pace he's gonna be the first trillionaire
All this richest man baloney is silly unless one of them ends up buying something that the other top 10 of them couldn't afford which is unlikely.
As Musk did with Twitter.
*And
That's not how HEUER is pronounced.
Bro in all black at 2:50 is ALERT. Rerouted his girl and kept dude on his side, turned his head the moment they crossed, and reached down to make sure he knew exactly where his goods were (probably his phone). Other dude was taking an unnecessary angle towards the woman's side so I don't blame bro at all.
Are you this paranoid when you are in the public sphere?
@@mountainman6172 It depends on my environment. You get a feel for when you need to be this alert. I'm always aware of my surroundings, but in downtown areas of big cities while on foot (looks like that's where they are), I'm a lot like the guy in the video. There are people out on the street, sometimes intoxicated, ready to harass you. Even then, though, I wouldn't call it paranoid. I'm not thinking about too many threats that aren't present, and I doubt he was. But he has his head up and eyes open, ready to recognize one if it presents itself. I move the way he did. Some may call it paranoid, some, like myself, call it situational awareness... especially if I have more physically vulnerable people with me and under my protection. No different than adjusting your awareness while driving through chaotic traffic, as opposed to an empty backroad. Stay alert, stay alive.
always use your girl as a shield, so if he attacks ,u can land a counter. worst case is shes in the hospital, but its better than both of yall in the hospital
Should have taken his hands out of his pockets as well.
@@supergameaddicted I agree.
Fashion is Fun. 😎
THAT ONE INTROVERT KID IN THE CLASS.
Really
All empires fall
Period!
stay jealous
What colour is your Starship?
I don’t buy LV hand bag so expensive and now a lot their hand bags end up in thrift stores. What a waste of money.
Adani is out of the race. xD
just goes to show you how cheap all of that stuff is, especially the Louis Vuitton stuff. They take 10 dollars worth of canvas and sell it for thousands. Genius.
Sure he’s on the list we will never see
Imagine your yearly wealth/net worth "fluctuates" in the billions $... 😄
the truth about how bernard arnault got rich and kept it
Finished watching 5:47
yeah but is he the most important. basically his contribution is sticking a logo on a bag and selling it for an overpriced amount and building hype around them. i mean basically stickering products. it’s not exactly creating anything new or actually valuable.
191b!?..I love it!..
223
Why they don't support as richest people
Most important?
For what?.
women's money
TNX GOOD brother and sister TNX GOOD Family First good business okay TNX GOOD
Whats his stock?
Interesting, when there is a worldwide recession, people buy luxuries.
Whom does he help in society.... any philanthropy?
Art, for one thing ...
Louis Vuitton is like the apple of luxury products
To live happily you have to be hidden
If it still can be COUNTED it's no t Rich yet...
They are all happened to be engineers
Go watch the movie "Merci patron"
Successful people don't become that way overnight. what most people see at a glace- wealth.a great career, purpose-is the result of hard work and hustle over time.I pray that anyone who reads this will be successful in life.
Why people being jealous here. He is just making the rich to spend their money which will lead to TVA+ tax etc to the gov pocket.
If they don't spend that on his products, they won't donate that to charities.
Do not accumulate more then you need, there is no real distinction being the the richest man in the graveyard.
3:11 do some research pal, he wrongfully bought 43% shares of the company from vuitton’s and u say he built this from scratch // how could u even work for WSJ
How much of his “genius” and “artistry” is due to hip hop and African American culture becoming popular at the same time?
Well, the brands he owns, like Louis Vuitton (founded in 1854), Moët & Chandon (1743), Veuve Clicquot (1772) or Christian Dior (1946) has hardly anything to do with hip hop culture, or Americans at all. Bernard Arnault's motto "luxury is how you can create desire", is exactly what he've done: He marketed well established French brands to make it desirable for the "new rich" of this era, who wants to be perceived as "successful" by their peers thru their consumption habits. That goes for all kinds of "parvenus", from the young african-american rappers to the russian oligarchs wives, or to the Dubai or China's emerging "high society"...
@@LePhil79 I understand the brands long preceded hip hop and it’s influence. However, a number of the bigger houses hav opened up lines of all kinds of product that is more aimed at the mass consumer, in at least part by mainstream snd hip hop culture. That’s all I was wanting to point out.
Btw some of the houses have openly spoken about this
It has really nothing to do with hip hop and African American culture, really
@@JTD472 Their biggest Global Brand Ambassadors are actually Kpop stars, biggest based on the most social media engagement, the most fan turnouts to their fashion shows and ultimately generated revenue:
- Tiffany & Co has Rose of Blackpink
- Celine has Lisa of Blackpink
- Dior has Jisoo of Blackpink
Yes, the group does look to pop and hip hop artists, as Blackpink is heavily influenced by it. But ironically not so much from America as it does from Asia, specifically these South Korean stars. This is the case because you’re dealing with megastars that dominate both Western and Eastern markets (which has insanely large number of big spenders for luxury goods nowadays)
@@jfprizzy kpop is almost more hip hop based than American pop these days.
That was kind of my point exactly.
African American and hip hop culture (however you want to separate the two) is in everything, especially kpop.
The lyrics of a kpop song are almost identical to rap, and their music videos are the exact same style.
It all ties in to it becoming cool to openly brag about your money and wearing as much of it as visibility as possible. And these brands have absolutely capitalized on it, though it wasn’t their original idea.