Arnault Tightens His LVMH Control With $1.6 Billion Buying Spree

French billionaire Bernard Arnault has long sought to tighten his control over LVMH, the luxury conglomerate he founded almost four decades ago. This year, his efforts have gone into overdrive.

Over a period of eight months starting in February, the 76-year-old quietly bought roughly €1.4 billion ($1.6 billion) worth of LVMH shares, according to Paris stock market filings. The purchases through holding companies occurred amid a sharp price decline triggered by weaker earnings and a broader industry retreat.