Key facts
- Bernard Arnault, CEO of LVMH, gave a rare interview on the "LEGEND" podcast.
- He advised Steve Jobs on Apple's retail store strategy.
- Arnault's family investment team was an early, significant backer of Netflix.
- He discussed his hands-on approach to preparing his five children for leadership roles at LVMH.
- Arnault stressed the importance of product quality and perseverance in business.
- He recounted a dinner with Donald Trump on a day of a security threat.
Bernard Arnault, the 77-year-old founder and CEO of luxury conglomerate LVMH, rarely grants interviews, but recently appeared on the French podcast "LEGEND." In the extensive conversation, Arnault shared insights into his business philosophy, personal life, and interactions with other prominent figures.
One key revelation was his past relationship with Steve Jobs. Arnault recounted how Jobs consulted him on the strategy for Apple's retail stores, advising him to emulate Louis Vuitton's approach to prime locations. Jobs later complimented Arnault's business, predicting that Dom Perignon would endure for a century while the iPhone would become obsolete.
Arnault also discussed his investment history, admitting regret over selling an early stake of nearly 20% in Netflix too soon, estimating it would be worth ten times more today. He also benefited from the dot-com bust, receiving a significant bundle of Google shares from a dissolved venture fund.
Regarding his family, Arnault detailed how he actively involved his five children in LVMH from an early age, emphasizing the need for hard study and meritocracy. He shared a personal anecdote about helping one son with math problems before his exams.
His business advice centered on prioritizing product quality and perseverance over marketing. Arnault believes that true luxury brands should let their products speak for themselves and that a strong product will naturally impose itself on the market.
Finally, Arnault described a dinner with Donald Trump that took place on the same day an assassination attempt was thwarted near Trump's golf course. Despite the security incident, Arnault found Trump to be "totally relaxed" and mentioned his practice of lobbying Trump directly on trade tariffs, which previously secured exemptions for French wines and spirits.