François Pinault: A Notable Exit from the World’s 100 Richest Individuals
François Pinault, the iconic founder of the luxury powerhouse Kering, has fallen out of the exclusive circle of the 100 richest people in the world, a first since his debut on the list over 12 years ago. At 88, the man synonymous with success in the luxury sector has seen his fortune decline dramatically—from $60 billion in 2021 to $20.3 billion in November 2024, according to Bloomberg’s Billionaires Index.
A Record Decline in a Pressured Industry
This sharp drop, the steepest percentage decline among the billionaires tracked by Bloomberg during the same period, reflects the challenging environment for the luxury sector. A significant slowdown in Chinese demand for high-end goods has notably eroded the fortunes of luxury moguls. Bernard Arnault (LVMH), once the richest person globally, now ranks fifth, while Françoise Bettencourt Meyers (L’Oréal) has slipped to 21st, losing her status as the world’s wealthiest woman.
Despite this setback, François Pinault remains an influential figure. His wealth continues to be anchored in the family’s stakes in Kering and Groupe Artémis, the holding company encompassing a diverse portfolio, including prestigious vineyards, Christie’s auction house, and contemporary art museums.
Gucci: Kering’s Achilles’ Heel
Under the leadership of François-Henri Pinault, François’ son, Kering has focused its efforts on luxury. However, the group remains heavily reliant on Gucci, its flagship brand. Once the company’s growth engine, Gucci has seen a significant slowdown in sales, compounding Kering’s struggles. In 2024, the company issued three profit warnings, with its stock losing nearly half its value over the year.
Efforts to stabilize the business are underway. François-Henri Pinault has vowed to return the company to growth despite headwinds in Asia and annual results projected to be at their lowest since 2016. In a letter to shareholders, he stated: “We are working tirelessly to create the conditions for a return to growth.”
An Entrepreneurial and Artistic Legacy
Beyond Kering, the Pinault family’s legacy is fortified through Groupe Artémis, established in 1992. Valued at approximately €40 billion, the family holding continues to diversify its investments across luxury, art, media, and sports. Notable assets include a 53.3% stake in Creative Artists Agency, acquired in 2023.
François-Henri collaborates closely with his siblings, Laurence and Dominique, as well as the next generation, who are already involved in strategic decision-making. This generational involvement will play a critical role in ensuring the family’s continued influence.
A Turning Point for the Pinault Dynasty
François Pinault’s departure from the top 100 billionaires signifies a moment of transition for the family. While the luxury sector navigates a turbulent period, the resilience and adaptability of the Pinaults will be crucial for safeguarding their legacy—both in business and in the arts. With a strategic revival planned for Gucci and a diversified investment portfolio, the Pinault group’s story is far from over.
