Bernard Arnault responds to Le Monde's six-part exposé on his luxury empire and succession battle.
Luxury goods mogul Bernard Arnault issued a formal response to a six-part series by the French newspaper Le Monde, which examined his business empire and the competition among his five children for succession. Arnault, who rarely speaks directly to the media, used a three-page letter to mock the newspaper's description of his family as the "last royal family of France" and to dispute claims that the succession battle was the "poison at the heart of LVMH." He argued that the newspaper unfairly criticized his conglomerate for practices common to major French companies and noted that the newspaper favored other wealthy families over his own. Despite the newspaper's critique of his children's rivalry, Arnanault maintained a positive stance, concluding his letter by praising the newspaper's crossword puzzles. Arnault, the wealthiest person in France, also made his first social media post to share the letter, noting he was "deeply touched" by the public's response. The response comes as LVMH faces a slowdown in luxury spending, particularly in China, following a post-pandemic boom.