Arnault moves to ring-fence LVMH

Published: 31-Jan-2013
Finance

LVMH boss to protect any future break up of luxury conglomerate


LVMH boss Bernard Arnault has moved to protect any break-up of LVMH. The French billionaire has constructed a Belgium-based foundation, Protectinvest, which will ensure his five children cannot off-load their own LVMH shares should Arnault – currently 63 – die within 10 years.

Arnault wants to ensure a united front from his offspring in order to cut the risk of his luxury goods empire – the roster of brand names include Louis Vuitton, Dior and Guerlain - being taken over. Arnault’s control concern doesn’t end there. His children also cannot sit on the board of Protectinvest.

The Financial Times reports that “assuming the death of Mr Bernard Arnault, the administrators [of Protectinvest] can only be people over the age of 50”. This move however came well before François Hollande’s new socialist administration was swept to power, subsequently implementing higher 75% taxes for high earners like Arnault, France’s richest man, a move he has fought by moving his fortune to Belgium and seeking Belgian citizenship.

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