PARIS - Like the shoppers who fuel his luxury empire, Bernard Arnault is in a mood to spend.
On Thursday, the French titan said he would team up with longtime business ally Albert Frère to acquire mainly European companies via a new fund of 1 billion euros, or $1.25 billion at current exchange.
Arnault, chairman of LVMH Moët Hennessy Louis Vuitton, is creating the joint investment fund through his Groupe Arnault family holding and Frère’s Belgium-based NPM/CNP (Nationale Portefeuille Maatschappij/Compagnie Nationale a Portefeuille).
The billionaire partners said they were already studying “several” possible acquisitions, but declined to identify them, nor give any indication what sectors might be considered.
For complete coverage see tomorrow's issue of WWD.
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