There's a real-life 'Succession' drama playing out among the children of Bernard Arnault, the world's richest person and head of luxury behemoth LVMH

Antoine and Bernard Arnault.

GEORGES GOBET/AFP via Getty Images

• The family conflict in "Succession" is often compared with Rupert Murdoch's dynamic with his kids.
• But there's a similar legacy battle going on inside LVMH, the French luxury house run by Bernard Arnault.
• The children of the world's richest man are vying for influence within LVMH in a "Darwinian" fight.

"Succession," HBO's smash hit show about the trials and tribulations of a media conglomerate and its warring family members, is near its conclusion after four seasons and five years.

Waystar Royco is on the verge of a roughly $100 billion sale to a Swedish tech entrepreneur. Logan Roy, the family patriarch and the company's founder, is dead and the deal is mired in uncertainty. Just four episodes remain.

Comparisons are often drawn between the 13 Emmy-winning show and the Murdoch family. Like Rupert Murdoch's News Corp, Waystar Royco is a media conglomerate with a trio of adult children competing to be named heir. 

Showrunner Jesse Armstrong says his fictional Roy family is inspired by several famous dynasties, such as the Hearsts — the family behind Hearst Communications — and the Redstones — the controlling influence behind Paramount Global.

But there are striking resemblances between the Roys and a non-media family currently in the spotlight. There's still plenty of rivalry between the progeny of  Bernard Arnault, CEO of luxury goods behemoth LVMH and world's richest person.

Luca Solca, an analyst at investment firm Bernstein, told The Telegraph that Arnault had created a "Darwinian contest" among his kids, much like the battle within the Roy family.

 As with the Roys, all five Arnault kids are embedded in LVMH. According to the Wall Street Journal, Arnault hosts a monthly 90-minute lunch with his five children, whose ages range from 24 to 48, to drill them on company strategy and ask them for advice.

Arnault started his career at his father's company. As the Los Angeles Times' fictional obituary notes, so did Logan Roy.

The Roy family of "Succession." Kendall, left, wears a $625 cap from Loro Piana – an LVMH brand.

Graeme Hunter/HBO

Arnault is reputationally as ruthless as Roy in his business dealings, earning him the nickname the "wolf in cashmere."

Take his 1984 takeover of Bussac, the company which then owned Dior. Arnault gained another sobriquet, "the Terminator," after laying off 9,000 workers in two years and getting rid of every asset but the fashion house, the New York Times reported.

"Succession" fans might recall Kendall passionately leading the purchase of news website Vaulter before being forced to fire its entire staff at his father's behest in season two.

Per the New York Times, Alexandre Arnault, 30, managed to similarly persuade Bernard to take an 80% stake in German luggage brand Rimowa in 2016 – though he more successfully remained CEO for four years. He's now an executive vice president of LVMH-owned Tiffany & Co.

It's the eldest Arnaults, Antoine and Delphine, who appear more likely to succeed their father. 

45-year-old Antoine looked set to take the reins last December, when he was appointed CEO of Christian Dior SE, which controls the majority of LVMH, per Reuters.

Less than a month later, Bernard named his only daughter, Delphine, as CEO of Christian Dior Couture.

The LVMH empire is set up so that each of Bernard's five children have an equal stake in a holding company set up to end the tycoon's leadership.

It has a rotating two-year chairmanship among the children, who can't sell for 30 years without unanimous approval, per the Journal.

Last year, Arnault spoke to The Telegraph about growing up in the north of France and seeing the heirs of textile companies who "rested on their laurels" and squandered their fortunes.

"So with my kids it was really important that we gave them a strong work ethic from the start," he added.

But it's unclear when he'll step down, since LVMH raised the age limit of its CEO from 75 to 80, Bloomberg reported last year.

With his children in the front row at a results conference in January, Arnault responded to a succession question with a quip about France's controversial pension reform. "You will have noticed that the retirement age is being raised," he said, per Reuters.

Read the original article on Business Insider

from Business Insider https://ift.tt/chPzyE6