Bernard Arnault, the boss of luxury giant LVMH and the world’s richest man, reportedly meets his five children once a month for lunch at the headquarters of LVMH Moet Hennessy Louis Vuitton SE.
According to a report by Wall Street Journal, the meeting takes place inside a private dining room where Bernard Arnault discusses the strategy of the luxury business empire.
Reportedly, the duration of the lunch is around 90 minutes and it begins with the billionaire reading out the discussion topics.
These interactions are part of the decades-long plan to prepare his five children who will take over the company affairs when he is no longer there, the report said.
Reportedly, Bernard Arnault asks his five adult children for advice and seeks their opinion on specific managers at the company or whether it’s time for a shake-up at one of LVMH’s myriad brands.
Bernard Arnault auditions them to see who will take over the luxury empire, the report said.
However, there is no indication from the billionaire of whom he will choose as his successor.
Earlier this year, Bernard Arnault had brushed away questions about his succession with a joke.
Asked by an analyst about succession plans at a post-results conference where his children featured prominently in the front row, Bernard Arnault said, “You will have noticed that the retirement age is being raised.”
In January, the 74-year old reshuffled top management at his luxury goods empire, tightening his family’s grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton.
Bernard Arnault is worth an estimated $177.7 billion, according to the Bloomberg Billionaires Index. He topped the list for the first time in December and has remained ensconced in that position ever since after surpassing Elon Musk, whose fortune has dwindled.