Bloomberg Billionaires Index

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#31 Francois Pinault $24.2B

Random fact: Pieces from his art collection were exhibited in Paris in 2013.

Overview

Pinault is the founder of Kering, a luxury and sporting-goods group with revenue of 12.4 billion euros ($13.7 billion) in 2016. The Paris-based business controls brands such as Gucci, Yves St. Laurent and Puma. The billionaire also owns Christie's auction house and a personal art collection of more than 2,000 works.

As of Oct. 17, 2017:
Last change -$45.9M (-0.2%)
YTD change +$9.17B (+61.0%)
Industry Consumer
Biggest asset KER FP Equity
Citizenship France
Age 81
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Francois Pinault's net worth of $24.2B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Pinault's wealth is derived from his family's 41 percent stake in publicly traded luxury-goods company Kering. His son Francois-Henri is chief executive officer of the company. His stake is held through the family's investment vehicle Groupe Artemis, which is controlled by Pinault and other members of his family, according to the company's 2016 annual report. Pinault is credited with all of his family's stake in Bloomberg's calculation because he's the founder.

Through Groupe Artemis, Pinault also owns a 64 percent stake in London-based insurance group, ACHP, according to filings with the London securities regulator. Artemis also owns closely held auction house Christie's and Chateau Latour, a 190-acre winery in Bordeaux, France. Artemis acquired cruise-line operator Ponant in 2015 and its included at its equity value.

Christie's is valued using its calculated annual revenue and the enterprise value-to-sales multiple of publicly traded peer, Sotheby's. The valuation was updated with the company's 2016 sales figure on Aug. 29, 2017.

The Pinault family has an art collection that contains more than 2,000 works. Its valuation is based on a calculation provided by two experts, both of whom are familiar with the Pinault collection and asked not to be identified because the assets are private. Artemis's vineyards are valued using the price-per-hectare of similar estates.

Groupe Artemis had 1.6 billion euros ($1.8 billion) of bonds and loans outstanding at the end of 2016, according to data compiled by Bloomberg, and the debt is represented as a liability.

The value of his cash holdings is based on an analysis of dividends, performance, insider transactions, taxes and charitable contributions.

Nazanine Ravai, a spokeswoman for the family, declined to comment on Pinault's net worth calculation.

Biography

Birthdate: 8/21/1936
Family: Married, 4 children

Francois Pinault was born in the village of Les Champs-Geraux in France's northwest region of Brittany. He attended high school in the city of Rennes before dropping out at age 16, frustrated with classmates who, he claims, mocked his rural accent.

Pinault went to work at his father's lumber mill. Eleven years later, he started his own wood business, focusing on buying and selling lumber -- and then lumber companies. In the 1990s, he expanded his focus, buying French department store chain Printemps in 1992, followed a year later by Bordeaux winery Chateau Latour.

He bought mail-order catalog company La Redoute in 1994, merging it with Printemps to create Pinault-Printemps-Redoute, which was renamed PPR. By 1999, after successfully battling rival billionaire Bernard Arnault for control of Gucci, PPR was the third-largest luxury goods company in the world, laying claim to such brands as Yves Saint Laurent and Balenciaga.

Through Groupe Artemis, the family's wholly owned investment vehicle that Pinault set up in 1992, he owns the Bretagne soccer team Stade Rennais and auction house Christie's International, which he took private in 1998 for $1.2 billion.

PPR was renamed Kering in June 2013, and is led by Pinault's son Francois-Henri, after the billionaire decided to focus to art. He abandoned plans in 2005 to build a museum outside Paris for his 2,000-piece collection, and turned instead to Italy. His Pinault Foundation now operates two museums in renovated Venice landmarks, Palazzo Grassi and Punta della Dogana.

Milestones
  • 1952 Drops out of high school at age 16.
  • 1963 Starts own lumber business in city of Rennes.
  • 1992 Acquires French department store chain Printemps.
  • 1994 Buys retailer La Redoute, merges with Printemps, creating PPR.
  • 1998 Purchases auction house Christie's for $1.2 billion.
  • 1999 Buys 42 percent stake in Gucci, diluting stake of rival, LVMH.
  • 2001 PPR pays $2 billion for LVMH's 20 percent stake in Gucci.
  • 2006 Opens inaugural show at his Venice museum, Palazzo Grassi.
  • 2013 Changes official name of PPR to Kering.