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Billionaire Bernard Arnault, the co-founder and CEO of Louis Vuitton (LVMH) and the world's second-richest person, is under investigation in Paris over his financial ties to Russian businessman Nikolai Sarkisov. The probe centers on property acquisitions in Courchevel, a luxurious ski resort in the French Alps favored by the ultra-wealthy.
Nikolai Sarkisov obtained real estate in Courchevel through a complex transaction in which one of Arnault's companies provided a loan, as reported by the French newspaper Le Monde, citing the Tracfin financial intelligence unit. In 2018, Sarkisov purchased 14 housing units for €16 million in a deal involving entities from France, Luxembourg, and Cyprus.
Tracfin, which specializes in combating money laundering, is currently investigating whether any illicit activities were involved in these transactions. A source close to the investigation revealed that the inquiry is ongoing.
A source familiar with Arnault's position stated that the transaction was conducted in full accordance with French law. It was also noted that Arnault has a personal connection to Courchevel, having learned to ski there as a child and owning both a mansion and a luxury hotel in the region.
When reached for comment, Bernard Arnault's spokesperson and LVMH declined to provide statements. Nikolai Sarkisov's RESO-Garantia insurance company in Moscow has not issued a comment at the moment.
Bernard Arnault's LVMH group is the owner of renowned brands like Louis Vuitton, Moët champagne, Hennessy cognac, Tiffany's, and Tag Heuer, among others. His estimated fortune stands at $164 billion, according to financial experts at Bloomberg.
At the age of 74, Arnault is preparing to pass on his empire, which he built over 35 years through the acquisition of some of the world's most renowned fashion brands and expanding into the Asian consumer market. Earlier this year, he appointed his daughter, Delphine, to lead Christian Dior, LVMH's second-largest brand, sparking speculation of a potential family succession battle with his son, Antoine, over control of the company.
In 2019, the French tycoon, the wealthiest person in Europe and second only to Elon Musk globally, pledged €200 million for the restoration of Notre Dame Cathedral following a devastating fire.
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