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Monday, June 21, 2021

Executive Insider

Tips from Bernard Arnault on how to become rich?

As of French fashion tycoon Bernard Arnault – the owner of the luxury group LVMH- is the world’s richest person with an estimated net worth of $190.3 billion. This means that he has surpassed Jeff Bezos with an estimated net worth of $186.7 billion and Elon Musk, with an estimated net worth of $149.9 billion. It is interesting to learn some tips from Bernard Arnault on how to become rich.
  1. There is no reason to be obsessed with money
    Bernard Arnault is one of those businessmen who does not seek for a focused approach to money but pays attention to the potential that the implemented strategies can bring. He always says that “money is just a consequence. I usually tell my team not to worry too much about profit. If you do your job well, profit will come”. This is a lesson that many other billionaires tend to follow. Also, the above information is evidenced by the simple fact that Bernard Arnault did not become one of the richest men in the world until just a few years ago. It took time for his bet to pay off. Lastly, there was not exactly a focus on a huge win from the start.
  2. Do not think of yourself
    The difference between Bernard Arnault and other billionaires like Elon Musk or Bill Gates is that all he cares about is promoting his brands, never himself. Some businessmen like the two mentioned above have created a personal image alongside with their business accomplishments to ensure that they will remain on the public scene. On the other hand, the French businessman has never been the face of his company, but always focuses on the products, making them stay in our minds longer. He is a man with a more discreet vision. Arnault, because of his business strategy knows that the focus should be on the designers and the people in charge of the products he has undertaken. “What entertains me is trying to turn creativity into business reality around the world. To do this, you need to stay in touch with pioneers and designers, but also make their ideas more specific and sustainable” he says.
  3. Have confidence in your vision
    “I remember people telling me that it didn’t make sense to put so many brands together, but in the end it was a success. It was a recognized success and for the last 10 years every competitor has been trying to follow us. I think they are not successful, but they are trying” comments Arnault. He started buying brands in the 1980s, but only in the last decade has become one of the most important billionaires in the world. Like other successful men, he refused to listen to criticism and followed his own vision in the end, displaying an excellent strategy. “In business, we will always find these different voices, and although there will certainly be good advice, if you think an idea will succeed, you may need to keep going until the end” he states.
  4. Do not lose contact with your company
    “One of the worst leadership mistakes is to forget the company when we are at the top and “stick” with easy goals. You really have to look at every corner and every part of the machine to see if it works properly or if there is room for improvement. I often tell my team that we should act like we’re part of a small business.

    Bernard Arnault

    Don’t go to the offices too much, stay upstairs with the client or the designers while they work. I visit the shops every week. I’m always looking for store managers. I want to see them at the base, not in their offices doing office work”. This is how Arnault describes the process of keeping contact with a company.

Maria Gourtsilidou
Maria Gourtsilidou is Senior Editor of Research and Data Analytics at the CEOWORLD magazine. She is responsible for driving thought leadership, using data analytics to showcase the company’s products and services, and fostering knowledge sharing between CEOWORLD magazine and client organizations. She studied Public Administration (Economics Of The Public Sector) in Greece and holds a Bachelor’s in Public Administration from the Panteion University of Political & Social Studies. Follow Maria Gourtsilidou on Twitter. Write at maria-gourtsilidou@ceoworld.biz.