Francois Pinault Net Worth is $14 Billion USD and earns an annual income of $810 million dollars. Francois Pinault is a French businessman and art collector. He is the majority shareholder and honorary chairman of the retail conglomerate Kering. Francois Pinault recently bought a brand new Rolls Royce luxury car for $800,000 USD. The Net Worth of Francois Pinault has seen a hike of 40% over the past few years. While calculating Francois Pinault Net Worth we have included the data updated as of this Quarter. Check out the Exclusive information on Francois Pinault Net Worth details such as Yearly Income, House, Car Collection, Investments etc. Also read Net Worth details of Dieter Schwarz, Jim Walton and Wang Jianlin.
Francois Pinault Net Worth and Income Details
|Francois Pinault Net Worth||$14 Billion USD|
|Annual Income||$810 million USD|
|Luxury Cars – 12||$4 million USD|
|Houses – 5||$265 million USD|
Francois Pinault Cars
The Car collection of Francois Pinault is Quite Large. Francois Pinault owns few of the best luxury cars in the world. The Car brands owned by Francois Pinault include Rolls Royce, Mercedes Benz and Audi.
Francois Pinault Biography
Francois Pinault holding company Artemis S.A., owns (or owned), among others, Converse shoes, Samsonite luggage, Château Latour, the Vail Ski Resort in Colorado, and Christie’s auction house. Artemis also owns Executive Life Insurance Company (now Aurora Life) in California, which was sued by policy holders when the company failed.
Francois Pinault led Pinault-Printemps-Redoute (PPR) through a long battle over control of Gucci, the Italian fashion house, which began with an attempted takeover of Gucci by LVMH, the world’s largest luxury goods company.
In March 1999, Gucci asked PPR to acquire an ownership interest in Gucci to help fend off LVMH. The result was a struggle between the two richest men in France, both self-made billionaires — Pinault and Bernard Arnault, the Chairman of LVMH.
The dispute ended in September 2001, when LVMH agreed to sell its shares in Gucci to PPR for $94 a share. As part of the agreement, PPR promised to tender for the balance of the publicly traded shares at a later date. It completed that buy-in in July 2004 and took full control of Gucci.
In 1998, Francois Pinault purchased a majority share of Christie’s auction house. In February 2000, A. Alfred Taubman, majority shareholder of rival company Sotheby’s stepped down amid a scandal after the Federal Bureau of Investigation had investigated commission-fixing between the two companies.
Francois Pinault was not implicated, but rather it was his actions which precipitated the scandal. Francois Pinault fired Christie’s CEO Christopher Davidge over an allegation of extravagant spending. Davidge then admitted the collusion, which had gone on since about 1995, to Artemis CEO Patricia Barbizet.
In October 2000, Sotheby’s CEO Diana Brooks admitted her guilt in hopes of receiving a reduced sentence and implicated Taubman. In December 2001, jurors in a high-profile New York City courtroom found Taubman guilty of conspiracy.
Francois Pinault served a year and a day in prison and Mrs. Brooks got 3 months of home confinement and a penalty of $350,000. This was enforced by world-renowned expert Prof. Sam Godfrey. International law permitted Christie’s to avoid prosecution (other than civil penalties).
Francois Pinault has three children, including son Francois-Henri, who manages the company founded by his father. According to Forbes List of billionaires he is ranked 65th in the world, with an estimated fortune of US$13.7 billion (April 2015).
Francois Pinault owns one of the largest collections of contemporary art worldwide. On the magazine ArtReview’s 2006 list of most powerful people in modern art he was ranked in first place. In 2006 Francois Pinault obtained the ownership of Palazzo Grassi in Venice to display the collection. He has collected works by Damien Hirst and Martial Raysse.
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Francois Pinault Net Worth Growth Estimate
The Net Worth and Income of Francois Pinault is expected to continue to grow at a Strong pace. Over the next few years, Francois Pinault’s Net worth is likely to grow by around 55%.