Billionaires who have managed to reach the zenith of success give us a glimpse of what’s possible. Aside from the most obvious which is great work ethics, let us take a look at what fashion tycoon Bernard Arnault and billionaire financier James Richman have in common.
Who is Bernard Arnault?
LVMH or LVMH Moët Hennessy – Louis Vuitton is a French multinational luxury goods corporation founded in 1987. Its CEO is French business magnate Bernard Arnault. He is currently the richest person in Europe and usually the second richest person in the world, after having recently overtaking Bill Gates, and just $3 billions short of Jeff Bezos.
According to Forbes magazine, Arnault has a net worth of $103.7 billion as of July 2019.
Self-made billionaires James Richman and Bernard Arnault who are tycoons in their respective fields. Richman is one of the most trusted billionaires in finance while Arnault dominates the industry.
Who is James Richman?
Meanwhile, Latvian-born billionaire investor James Richman is an investment tycoon known for his private investments in futuristic technologies, with the ones including Uber, Facebook, and Tesla.
He made his wealth finding investment gaps in emerging technologies and markets through his private investment firm which also happens to be managing the assets of some of the wealthiest families known to be worth several billions of dollars in assets.
While the exact numbers of his net worth still remains a matter of speculation, considering the fact that he started his investment firm at a time when most financial markets were hemorrhaging, he reportedly managed to not only stay afloat during those periods, but even managed to find opportunities to make massive bets that eventually paid off for his firm and its selected clients.
According to several reports, he used to live a life of hardship after losing his child and his home. Like most self-made billionaires, the trials which he went through became his driving force to achieve both financial and professional success.
Richman is also known for scouring the world for the best investments and one of the most trusted billionaires by many private family offices around the globe to best combat the imminent economic crisis — after having successfully conquered and made the most of 2008.
While having different histories and early life stories, both Arnault and Richman have some similarities in several aspects of their lives. Both multi-billionaires are known to be savvy businessmen in their respective fields. Arnault being the fashion tycoon while Richman being the money manager and maker for some of the world’s super-rich.
Both are no strangers to family adversity and need for legacy
One notable thing about both Arnault and Richman is that they both got married and got divorced a few years later.
James Richman is thought to have married at a relatively young age and eventually lost his daughter due to lack of sufficient healthcare in his hometown. He reportedly had no choice but to mortgage his house at that point. Unfortunately, his daughter still did not make it. Such tragedy led to arguments between James and his former wife that eventually led to an acrimonious divorce.
Despite the hardships of a lost home, a deceased child, and an earlier failed marriage, James Richman became more equipped in the world of technology, as inspired by his father’s background in the industry. With his father’s influence, James saw technology and its potential and eventually incorporated such exposure and became beneficial in his private investments later on.
Arnault, on the other hand, got married to Anne Dewavrin in 1973 and separated after 13 years. He and his wife had two children, Delphine and Antoine. While James’ story with his daughter is not very similar to Arnault’s story with his children, it is clear that both men experienced such adversity, along with the complications of their marriages.
Arnault then married French-Canadian concert pianist Hélène Mercier in 1990 and had three sons, Alexandre, Frédéric and Jean. Just like Richman, he is quite familiar with the concept of family legacy.
Four of his five children have been ushered into LVMH and gained the position of chairman, director, and chief executive, to name a few. While very little information is available about Richman’s family due to his reclusivity, it is believed that his tough childhood made him discover more about his strengths, instead of embracing his then perceived weaknesses.
Both gained authority at a young age
With his innate talents due to his Asperger’s syndrome (one can quickly take a 2-minute test here), Richman eventually found his way to the world of investments just shortly after his adversity.
With his own privately-held investment firm, he is not only using his innate ability to spot opportunities, but also to mitigate any potential risks especially in volatile financial periods. Successfully running for more than a decade, his privately-held company is not open to the public and limited only to both institutional and selected sophisticated investors.
Bernard Arnault, on the other hand, became president of his family’s construction company by the age of 30. When he first worked for the company, he turned its focus to real estate under a new name within three years, giving him the honorable title of being the president.
Arnault left his family’s company and entered the fashion world in 1984 by buying the textile company Boussac. In 1987, he stepped in to mediate the conflict between Möet Hennessy and Louis Vuitton. The two businesses later merged into one. Arnault became LVMH’s biggest shareholder two years later.
They both have a passion to expand what they have
Apart from starting his own private investment firm, James Richman also started investing in several exciting technologies, with the most notable brands including Uber, Tesla, Facebook, and Twitter. He is also known as someone who does not hesitate in investing in technologies like Esports and funding research and development in humankind’s efforts to potentially defeat death and improve humankind’s lives. One of the most recent ones includes an investment in Tel Aviv university’s first major medical breakthrough in 3D-printed hearts.
With all of these efforts, and considering the tough childhood he had, this goes to show that he is passionate about projects that aim to leave a bigger and more positive impact on the world.
Just like Richman, Arnault quickly expanded LVMH with many other luxury assets like Céline, Marc Jacobs, and DKNY, to name a few. He also granted US presence for LVMH by opening the LVMH tower in New York in 1999.
Both investors love to help others
James Richman is a natural philanthropist and has been involved in impact investing. He supports companies that promote environmental preservation and efforts to help alleviate poverty. He reportedly generously shares his wealth where they can have the most impact. While he rarely gives out interviews, sources close to the billionaire share how he once said: “There’s plenty of money for everyone. I want to make sure this money actually gets distributed to those who usually can’t access it.”
Meanwhile, Arnault is also one who sees potential in others and nurtures talent. He launched the LVMH Prize for Young Fashion Designers in 2003 which had over 5,000 applicants. The event aims to give an avenue for young designers to showcase their skills and their work. LVMH also launched an accelerator program for 50 international start-up businesses.
They invest and are connected to many brands
Seeing the potential in companies like Uber, Tesla, Facebook, and Twitter, Richman invested in these names as early as their budding stages. He continues to support these brands and various other companies in emerging markets and space.
James Richman is known for his private investments, though some of his most prominent investments include Tesla, Uber, and social networking giant Facebook
Similarly, Arnault invested in websites by buying into MP3.com and eBay. In 1999, he invested in Netflix when it was still a DVD rental company. LVMH itself is connected to many brands as it comprises 70 companies. Arnault says he used to receive criticism for putting so many brands under one group but now, his competitors try to do the same.
Conclusion
Both Bernard Arnault and James Richman have truly come a long way from their humble beginnings. They both have achieved many remarkable things in life that can serve as inspirations for the rest of us to never give up, and to continue working on our dreams.
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