Bernard Arnault, the LVMH chairman who leads the world's largest luxury group but rarely stepped before the press, has taken the offensive in the court of public opinion.
When the influential French daily Le Monde dug into him and the succession picture of his five children in a six-part series, he responded with a three-page, lengthy rebuttal letter. On the 27th (local time), he even created a personal X (formerly Twitter) account, which he had never used in his life, to distribute the letter himself.
The Wall Street Journal (WSJ) assessed that Arnault, who had explained himself through the performance of brands like Louis Vuitton and Dior, changed his own way of communicating once questions arose over the succession picture.
On the evening of the 26th, Arnault posted a letter titled "Merci" on LVMH's official X account. The letter targeted Le Monde's six-installment series "The Bernard Arnault empire," published from the 19th to the 24th. The series was written by two Le Monde reporters who, over six months, met with about 10 group executives, his five children, and Arnault himself.
On the 27th, instead of the group's official account, Arnault opened a personal X account and reposted his letter as his first post. This account is the first personal social media account Arnault has created. He wrote that he was "deeply moved" by the public's messages of support for the letter he posted the day before. Elon Musk, the owner of X, quickly reposted Arnault's post. Arnault also appeared recently on a 1-hour-41-minute podcast about his life.
Arnault, 77 this year, had selectively engaged with a small number of outlets. When his children complained about unfair articles, he would reply, "When I was younger, I faced far harsher attacks," and, "You need a thick skin." The WSJ said Arnault, long silent, had built up frustration as French-language books and local coverage about family conflicts emerged.
Le Monde's series covered the network around Arnault, his relationships with past presidents, how he dealt with Trump and Putin, his influence over media he owns, cultural patronage and tax deductions, and the succession of his five children in turn. The final installment on the 24th ran under the headline, "Arnault's succession, the poison at the heart of LVMH."
Arnault pushed back hardest against the final installment. In a letter he wrote himself, he said, "When the Arnault family discusses, it becomes a conspiracy, and when we exchange views, it becomes a competition." On reports of intrigue over the succession picture, he added, "The children call one another on Sundays," and, "What happens routinely in ordinary families is called intrigue in my home."
The Arnault family holds more than half of LVMH group equity. Currently, all five of Arnault's children—Delphine (51), Antoine (49), Alexandre (34), Frédéric (31) and Jean (27)—work at LVMH or its brands. But it is still undecided which of the five will take over the entire group. For now, Arnault himself was reappointed at the shareholders meeting in April with 99% support. At the same meeting, shareholders also approved raising the CEO age limit to 85. Citing this, Arnault said, "Ask me again about succession in seven to eight years."
Arnault did not deny the facts that he had close ties with past presidents, received tax deductions through cultural patronage programs, and owned several media outlets. He said relations with politicians came from exchanges built while running a global company, and that patronage was a contribution to French art. In the letter, he highlighted how much he has contributed to French culture, noting €200 million (about 334 billion won) for the restoration of Notre Dame Cathedral, €50 million (about 83.5 billion won) for the École Polytechnique mathematics research center, and that the Louis Vuitton Foundation welcomes 1.5 million visitors annually.
Arnault currently owns the economic daily Les Echos, the daily Le Parisien, the weekly Paris Match, and Radio Classique. By contrast, telecommunications tycoon Xavier Niel, who is in a common-law relationship with eldest daughter Delphine, is listed as a personal shareholder of Le Monde, which published the series. Arnault asked Le Monde, "What is the standard by which you suspect me of pressuring outlets I own, while viewing Niel as not intervening in editing?"
In the letter that day, Arnault said the luxury business should be thought of not in quarters but in generations. Looking at the second-quarter results LVMH released that day, LVMH posted better-than-expected numbers under the Arnault family's direction. First-half group revenue was €38.6 billion (about 6.446 trillion won), down 3% from a year earlier, but second-quarter organic revenue rose 3%. Organic revenue excludes external factors such as mergers and acquisitions (M&A) or exchange-rate fluctuations and refers to sales generated solely by a corporation's existing businesses and core capabilities. In particular, the fashion and leather goods division saw quarterly revenue return to growth for the first time in two years. On a first-half basis, LVMH's net profit was €5.7 billion (about 952 billion won), beating the market consensus of €5.22 billion.