Bernard

"He loves classical music, Mozart, Chopin, and Liszt. His talents emerge early, to the point that his family believes they have spawned a prodigy: nothing should hinder such talent. Therefore, his mother gifts him his first upright piano, a Pleyel, for his sixth birthday. At twelve years old, he receives his first grand piano, which must be hoisted through a window on the first floor of his grandparents' house. Bernard quickly showcases his talent. He performs Chopin's twenty-four Études brilliantly but somewhat mechanically. He delights his family by giving small recitals on any occasion, in front of guests, with his serious expression of a well-behaved child, wearing flannel trousers, a blazer, a white shirt, and a club tie. At fifteen, in 1964, he plays the organ at Notre-Dame de Roubaix and wins first prize in a small competition."

"Is it by calculation, to test the determination of his son, or sincerely, to get rid of him, that Jean Arnault gives this instruction to Hugues Motte, his technical director, while Bernard, fresh out of Polytechnique, takes his first steps at Ferret Savinel? Does he secretly fear being marginalized by his own son who benefits from the blind support of his stepmother, that is to say, the main shareholder?"

"On the court, a different personality emerges: Bernard fights to the best of his physical abilities, has an excellent mindset, hates to lose, disputes points, and can sometimes be a sore loser."

"In development, it's the opposite: you have to buy land, secure financing, find clients, and the margins are much higher. And above all, you're in control. You're free. In this new activity, Bernard shows off his talent. He works tirelessly and shakes things up. He doesn't mince words, breaks promises to sell land he covets, finds legal loopholes, and multiplies lawsuits. "To make a place for himself in his new profession, he didn't hesitate, at the beginning, to disrupt the peaceful competition climate that had gradually been established between companies in the region," testifies one of his former competitors."

"François Pinault met Jean Arnault and probably Bernard, his neighbor. They didn't know each other."

"was. It is true that conversely, Pierre will be led to take care of Bernard's personal affairs, especially after the failure of his first marriage, at a time when LVMH leaders will suffer from the mix of his private and professional life."

""Whatever happens, Bernard, you must know the esteem I have for you," he declares from the outset. "I am delighted, it is entirely mutual, but if you permit me, what is going to happen?" "We are at an impasse, as you can see as well as I can. Our interest, and yours in particular, is to accept the plan proposed by Henry Racamier. It is the only way to come out of this with our heads held high and without damage to the Paris market." "You know that this is a dismantling plan. The Paris market, as you say, would not understand breaking one of its most beautiful jewels to settle personal issues between people who cannot agree after deciding to merge their companies. For my part, it is out of the question for me to be part of such a scheme." "In these circumstances, what must happen will happen," concludes Chevalier, sententious and enigmatic.""

"This result would nevertheless suffice for the happiness of his father who is himself a graduate of Ecole Centrale... but this does not satisfy Bernard's ambition who wants to enter Polytechnique, which he succeeds in the following year. Such is his determination... After Polytechnique, he enters the family business in which he immediately makes his mark."

"A lot of corners were cut and the chaotic nature of the joint venture meant that it was effectively stillborn. The Russians, who owned 35% of the venture, contributed the land and buildings, and Ingimar and Bernard (who had a 65% stake) were supposed to contribute the old Icelandic bottling machinery and some start-up funds. Magnus, my father and I were supposed to be running the venture for the stakeholders who had contributed the machinery and the factory. We had no stake in the venture, but the hope – and promise – of earning equity if the business prospered. However, after the equipment arrived and was commissioned, we discovered that the BVI guys had tricked our Russian partners and Russian customs. Instead of contributing the machinery in return for share capital and thereby avoiding customs duties and taxes as start-ups could legally do, the manifest listed just some items of furniture and supplies. The BVI guys set up another offshore company that ‘owned’ the machinery to take leasing payments from the Russian factory’s monthly cash flow. They had tried to get UK investors for the joint venture and failed. They did put in a small amount of money but then tried to extract funds, as they did not believe the venture would ever become profitable – obviously influenced by their failure to get any investors, which was probably because they had no track record as principals in any deals, let alone risky emerging-market deals."

"A lot of corners were cut and the chaotic nature of the joint venture meant that it was effectively stillborn. The Russians, who owned 35 per cent of the venture, contributed the land and buildings, and Ingimar and Bernard (who had a 65 per cent stake) were supposed to contribute the old Icelandic bottling machinery and some start-up funds. Magnus, my father and I were supposed to be running the venture for the stakeholders who had contributed the machinery and the factory. We had no stake in the venture, but the hope – and promise – of earning equity if the business prospered. However, after the equipment arrived and was commissioned, we discovered that the BVI guys had tricked our Russian partners and Russian customs. Instead of contributing the machinery in return for share capital and thereby avoiding customs duties and taxes as start-ups could legally do, the manifest listed just some items of furniture and supplies. The BVI guys set up another offshore company that ‘owned’ the machinery to take leasing payments from the Russian factory’s monthly cash flow. They had tried to get UK investors for the joint venture and failed. They did put in a small amount of money but then tried to extract funds, as they did not believe the venture would ever become profitable – obviously influenced by their failure to get any investors, which was probably because they had no track record as principals in any deals, let alone risky emerging-market deals."

"This venture transformed the business but was not without its problems. Although the Baltic Bottling Plant had nothing to do with the new company, the fact that it was doing well and had the right formula for success enraged the BVI guys, Ingimar and Bernard, who started challenging us in court and asking for settlements. We therefore had both mobsters and ex-partners looking for a cut in the business in exchange for doing nothing, but having a nuisance value to be bought off. I have since come up against this kind of thing on many occasions."