Francois Pinault net worth
Number of divisions: 13
What is the net worth of François Pinault?
François Pinault is a French luxury goods tycoon with a net worth of US$50 billion. In recent years, his net worth has grown astronomically. In 2013, with a net worth of 15 billion U.S. dollars, he became the 53rd richest man in the world and the third richest man in France. In less than ten years, his net worth has more than tripled. Although Pino initially became wealthy after starting a timber company, he later ventured into the fields of fashion, luxury goods and art. He is the founder of Kering and Artémis.
PPR went public in 1988, and by 1999, the company had almost completely shifted its focus to luxury goods and fashion. In the following years, François began to play a less important role in the operation of PPR. By 2003, he had allowed his son François-Henri to manage his company collection. After leaving PPR, François devoted more to his true passion: contemporary art. Today, Pinault has one of the most extensive and expensive private art collections in the world.
early life
François Pinault was born on August 21, 1936 in Les Champs-Géraux, a small commune in western France. François was raised by a timber merchant in rural France and worked in his father’s timber business when he was very young. By the age of 16, he dropped out of school in Rennes, mainly because his peers kept making fun of his country accent and peasant family.
In 1956, Pino was drafted into the army during the Algerian War. After returning to civilian life, François experienced the death of his father. Subsequently, he sold the family’s timber business.
Profession
In 1963, François founded his first timber trading company, which later became known as Pinault SA. With the help of bank loans and family support, the company developed rapidly and acquired several other companies, including Chapelle Darblay, which was facing bankruptcy at the time. In 1988, Pinault SA was listed on the Paris Stock Exchange, which marked a shift in Pinault’s focus. At this time, the French businessman began to invest heavily in retail companies. He bought a majority stake in companies such as CFAO, Conforama, Printemps, La Redoute, and Fnac. In 1993, François changed his company’s name to Pinault-Printemps-Redoute, or “PPR”.
Around this time, François established an independent company called Groupe Artémis to manage the growing wealth of his family. Artémis controls various assets, including many prestigious French vineyards. Artémis also controls California vineyards, magazines, auction houses, and cruise companies. In addition, Pinault is the owner of Rennes Football Club through Artemis, who first purchased the team in 1988.
In 1999, Pinault turned his attention again, this time turning his entire business model to the luxury goods industry. A series of acquisitions followed, including the acquisition of a 42% controlling stake in Gucci Group for US$3 billion. He also directly bought Yves Saint Laurent, Boucheron, Balenciaga and Alexander McQueen. By 2003, Pinault was ready to hand over control of the company to his eldest son, François-Henri. PPR was renamed Kering in 2013.
Valerie Hash/AFP/Getty Images
Art collection
Today, François Pinault and his family have more than 5,000 private art collections. His first large purchase was a work by Paul Sérusier in 1980. Some of the most famous works come from artists such as David Hammons, Rudulf Stingel, Koons, Paul McCarthy, Donald Judd and other contemporary artists. He initially collected 20th-century artworks by artists such as Picasso and Mondrian.
His collection was first exhibited in Venice in 2006. Pino invested a lot of money in the “cultural transformation” of Venice, funding projects such as the Teatrino, an open-air theater in ruins. Pino also invested in cultural projects in Paris, such as building a contemporary art museum in the city center.
In addition, François invested heavily in the training of new artists, funding various projects and awards. He established the Pierre Daix Award in 2014 for writers covering modern and contemporary art in 2014. In the same year, he also initiated a residency program in Lens to help train artists such as Aaron Davidson. The artists who received residency in this project were selected by Pino’s art group Louvre and several art schools in France.
Wealth details
At the time of writing, the Pinault family owns 41% of Kering. He is considered to be all the shares of his family. Pinault is the founder of this luxury company, and his son Francois-Henri is currently the CEO. Pinault holds 66% of Pro Global Insurance Solutions and 25% of Groupe Fnac. In addition, François also owns 190 acres of Chateau Latour and Christie’s auction house. Another noteworthy ownership stake is cruise operator Ponant.
relation
In 1962, Pino married Louise Gautier. Subsequently, they had three children, including their eldest son François Henry, who married actress Salma Hayek. Gautier and Pinault were married for five years before their divorce, and then François married Maryvonne Campbell in 1970. Pinault believes that Campbell has brought him into the art world and purchased his first artwork during this period.
real estate
In 2011, it was reported that Pinault spent US$32 million to purchase a mansion in Chelsea, London. The house was originally built by the famous architect Phillip Webb in the 1800s and has three-story ceilings. The former owner gained an amazing profit margin because he initially bought the mansion for $110,000, then renovated it over the next 30 years.
