Bernard Arnault (74), the world's richest man and CEO of luxury conglomerate LVMH, reportedly invites his five children to a monthly lunch at the company's worldwide headquarters in Paris, a report by the Wall Street Journal said.
According to the report, the luncheon lasts 90 minutes and begins with the French billionaire reading the topics for discussion from his iPad.
Arnault discusses his company's business strategies with his children during the private meeting. The 74-year-old billionaire then travels around the table, asking his five adult children for their advice, the report said.
Arnault also asks his children for their thoughts on certain managers who have been appointed at the company or whether it is time for a shake-up at one of the numerous companies held by LVMH, it added.
In this process, the children audition for Arnault so that he can select who will eventually succeed him and take over the luxury empire. However, the billionaire has not indicated who will be crowned next since he adheres to his policy of selecting his successor based on pure merit.
The report said that the meetings are part of a decades-long plan to train his children, who will eventually lead the company when he passes away.
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Arnault raced ahead of Tesla CEO Elon Musk as the world's wealthiest person late last year. His net worth was $208 billion on April 19, according to the Bloomberg Billionaires Index.
Arnault's children and their position
Arnault, who co-founded the luxury goods giant 35 years ago and is its majority stakeholder, recently elevated his children to significant positions within the company.
Delphine, his eldest child, was named CEO of Christian Dior, the empire's second-largest brand, in January.
Antoine, her brother, was appointed CEO of the holding corporation that oversees LVMH and the Arnault family fortune.
His three younger children also work for the world's largest luxury goods companies including Stella McCartney, TAG Heuer, Bulgari, and Tiffany.
Alexandre Arnault is an executive at Tifanny, Frédéric Arnault is the CEO of TAG Heuer, and Jean Arnault is the marketing and product development director for Louis Vuitton's watches division.