Arnault Family Values

Bernard Arnault Delphine Arnault Antoine Arnault
Given LVMH’s current focus on scaling already enormous brands, it seems unlikely that Arnault would want all of Richemont. Photo: Yoan Valat/Pool/AFP/Getty Images
Lauren Sherman
June 26, 2024

Yesterday, Bloomberg reported that Bernard Arnault made a small investment in Richemont, the Swiss luxury group that owns Cartier and Van Cleef & Arpels, as well as fashion brands including Chloé and Alaïa. The stake was casually positioned as a simple case of family-office portfolio diversification. Of course, we all know that’s not what this is, and that releasing this information was a signal to the broader market that LVMH is interested in further conquest-style acquisitions at a gargantuan level. 

Arnault has long admired Cartier, the Chanel of hard luxury, and its €10 billion in annual revenue. And while he’s making slow-but-undeniable progress with Tiffany in the U.S., there’s no reason he wouldn’t want to absorb its archrival, even if it potentially attracts regulatory scrutiny. After all, this is the man who owns both Dior and Louis Vuitton. I’m sure he would own Hermès and Chanel if their controlling families would ever contemplate sales. (They won’t…)