François Pinault Net Worth $22.2 billion
François Pinault salary $5,000,000,000
François Pinault Net Worth: How rich is François Pinault? & How much money is François Pinault worth? Time to find out!
Born in Les Champs- Geraux, in the West of France, he is the majority shareholder and honorary chairman of the retail conglomerate, Kering.
How did François Pinault get famous?
Because he owns holding company Artemis S.A., which owns or has owned, among others, Converse shoes, Samsonite luggage, the Vail Ski Resort in Colorado, he is one of the richest people in the world.
His holding company also owns Executive Life Insurance Company, now renamed into Aurora Life.
Throughout his career, Pinault has led Pinault-Printemps-Redoute (PPR) through a long journey in the battle over the control of luxury brand, Gucci.
The battle started with an attempt takeover of Gucci by LVMH, the world’s largest luxury goods company.
In 1999, the luxury brand, Gucci, asked PPR to purchase an ownership interest in the company to help fend off LVMH.
It resulted into a battle between the two richest men in France, both self-made billionaires, Pinault and Bernard Arnault, the Chairman of LVMH.
The struggle ended in 2001, after LVMH agreed to sell its shares in Gucci to Pinault’s company for $94/ share.
As part of the deal, PPR promised to tender for the balance of the publicity traded shares at a later date. The company finished that buy-in in 2004, and took full control of the luxury brand.
In 1998, Pinault also purchased the majority shares in Christine’s auction house. Two years later, the majority shareholder of Sotheby’s stepped down because of a scandal after the FBI investigated commission-fixed between the two rival companies.
His first order after purchasing the majority of shares, became to fire Christie’s CEO Christopher Davidge, over an speculation of extravagant spending.
Following Pinault’s decision to fire Davidge, other people resigned in hopes to get their sentences reduced.
How does Pinault make money?
After he purchased the majority of shares, the company avoided prosecution, due to the scandal. It could have been worse, but he cleaned the mess.
As of his personal life, Pinault has three children, including Francois-Henri, who is the CEO of Kering.
Apart of owing famous fashion brands Stella McCartney, Alexander McQueen and Yves Saint Laurent, he also owns four wineries.
Pinault also owns three French publications, the auction house, and a large art collection.
About his art collection, his family owns a 3,000-piece art collection which includes works of Picasso, Mondarian and Koons.
His art collection is one of the largest collections of contemporary art worldwide.
According to Forbes List of billionaires, he has a net worth of $22.2 billion.