Arnault tightens his LVMH control with buying spree

The sustained buying blitz brings Arnault and his family closer to owning half of the high-end brand juggernaut

- Bloomberg

Over a period of eight months starting in Feb, the 76-year-old quietly bought roughly €1.4 billion worth of LVMH shares.

(AP)

French billionaire Bernard Arnault has long sought to tighten his control over LVMH, the luxury conglomerate he founded almost four decades ago. This year, his efforts have gone into overdrive.

Over a period of eight months starting in February, the 76-year-old quietly bought roughly €1.4 billion ($1.6 billion) worth of LVMH shares, as per Paris stock market filings. The purchases through holding companies occurred amid a sharp price decline triggered by weaker earnings and a broader industry retreat.