The French businessman, Bernard Arnault is also known as “Lord of Luxe”. He was the chairman of LVMH, the world’s biggest luxury product company. LVMH includes the best brands of the world such as Louis Vuitton, Christian Dior and Emilio Pucci. Here’s looking at the principles of Bernard Arnault that are responsible for his success.
1. Bernard Arnault believed that contentment stunts a person’s growth. Arnault was born in France in a wealthy family. After graduation, he got into the business. Although Arnault started his business on a good note because he inherited his father’s construction company, but he was not satisfied with it. He always wanted to achieve more and yearned to be a self-made businessman. He focused towards real estate and it proved to be a very sensible business move. Next, he shifted to the business of luxury which made him more successful. His hunger for achieving more made him a winner.
2. Bernard Arnault always believed that innovation and modernity were integral to the success of an organization. Despite his age, he was always open to modernity and innovative ideas. He adopted new technologies and practices without any hesitation.
3. Bernard Arnault believed that success depends on a person’s decision-making skills. If a person cannot make the right decisions, then he won’t be greeted with success. He also believed that taking risks is integral if we want to be successful in the long run. Arnault’s attitude of risk-taking and his intelligent decision-making abilities helped him to expand his business successfully.
4. Bernard Arnault believed that the success of a man largely depends on his family. Everyone needs a support system in their life and family can always provide that unconditional support. He married twice and is the father of five children. One of his daughters plays an integral role in Arnault’s company. He is a family person and believes that his wonderful family has a huge role to play in his success.
5. Bernard Arnault believed that creativity can help a business prosper hugely. He encouraged the combination of creative thinking and business practices. He believed that this combination can help in the worldwide success of any business. This made him a great creative managing director.
6. Bernard Arnault said that the only place of business where luxury margins are attainable is luxury goods. This is the reason why he shifted to the luxury business.
These six principles and ideas of Bernard Arnault made him so successful. Anyone who wants to achieve success in their business must keep these principles of Arnault in their mind.