The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Bernard Arnault received France’s highest civilian honour from President Emmanuel Macron at a ceremony on Wednesday evening that included VIPs such as Elon Musk and pop stars Beyoncé and Jay-Z.
The French businessman, founder of luxury conglomerate LVMH, received the Grand-Croix de la Legion d’Honneur at the Elysee Palace, according to a spokesman from Macron’s office. It’s the highest rank in a system of government recognition that dates back to Napoleon.
The ceremony was also attended by Arnault’s family members, artist Jeff Koons and French billionaire Vincent Bolloré, the spokesman said, confirming an earlier report by Politico Europe. A spokesman for Arnault declined to comment.
Last year, Macron handed Amazon founder Jeff Bezos a Legion d’Honneur award at a private ceremony, Bloomberg News reported. Arnault, Bezos and Musk are the world’s three wealthiest people, according to the Bloomberg Billionaires Index.
ADVERTISEMENT
LVMH’s 75 luxury labels include Louis Vuitton, Christian Dior and Dom Perignon Champagne. Last week, the first lady Brigitte Macron attended the fashion show of Louis Vuitton’s womenswear designer Nicolas Ghesquière in Paris.
By Ania Nussbaum and Angelina Rascouet
Learn more:
Bernard Arnault Is Now Worth More Than $100 Billion
LVMH’s chairman just joined Jeff Bezos and Bill Gates in the world’s most exclusive wealth club.
LVMH is part of a group of investors who, together, hold a minority interest in The Business of Fashion. All investors have signed shareholders’ documentation guaranteeing BoF’s complete editorial independence.
The deal is expected to help tip the company into profit for the first time and has got some speculating whether Beckham may one day eclipse her husband in money-making potential.
The designer has always been an arch perfectionist, a quality that has been central to his success but which clashes with the demands on creative directors today, writes Imran Amed.
This week, Prada and Miu Miu reported strong sales as LVMH slowed and Kering retreated sharply. In fashion’s so-called “quiet luxury” moment, consumers may care less about whether products have logos and more about what those logos stand for.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.