Bernard Arnault's Wild Ride on the Web

The Internet dreams of the French luxury-goods mogul were as fleeting as Y2K fears

The Internet bubble is known to have turned Old Economy businessmen into overnight dot-com entrepreneurs. In France, Vivendi CEO Jean-Marie Messier turned the former utilities company into a communications giant. And Bernard Arnault, CEO of French luxury conglomerate LVMH Moët Hennessy Louis Vuitton, jumped headfirst into the dot-com craze with a holding company called Europ@web in 1999. Through Europ@web, Arnault quickly became one of France's biggest Internet investors.

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