Bernard Arnault Invests Over $300 Million in AI Startups

Bernard Arnault, CEO of LVMH, has invested over $300 million in five artificial intelligence startups through his family office, Aglaé Ventures, in 2024. Key investments include H (formerly Holistic AI), which raised $220 million to develop artificial general intelligence, and several other startups focused on enterprise applications, marketing, and HR solutions. These moves come as LVMH faces declining sales and profits, prompting Arnault to diversify beyond luxury goods to stabilize his wealth and the company's performance. Despite the company's struggles, including a 1% revenue drop and a 15% net profit decrease in the first half of 2024, Arnault remains a significant player in both luxury and technology sectors. His previous investments have included major companies like Netflix and Spotify, showcasing a long-term interest in tech. Arnault's strategic shift reflects a growing trend among luxury brands to invest in technology amid a competitive market landscape.