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Meet Francois Pinault, the French billionaire who has a $1.2 billion art collection, owns Christie's, and founded Kering, the luxury giant behind Gucci and Balenciaga
Meet Francois Pinault, the French billionaire who has a $1.2 billion art collection, owns Christie's, and founded Kering, the luxury giant behind Gucci and Balenciaga
Marissa PerinoMar 3, 2019, 20:55 IST
REUTERS/Manuel Silvestri (ITALY)
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François Pinault is the founder and owner of Kering luxury group, which includes several iconic fashion houses including Gucci and Alexander McQueen.
Pinault started out working for his family's timber company before eventually entering the retail market.
François Pinault is tied to some of the biggest names in fashion: Gucci, Alexander McQueen, and Yves Saint Laurent. As the owner of Kering luxury group, his family manages over a dozen high-end brands.
Pinault grew up in the rural French countryside, beginning his career working for his family's timber business. After establishing his own company in Rennes, he slowly moved into the retail market, before shifting solely to the luxury retail market in 2016.
Now under his son's direction, the company continues to flourish, especially with rocketing sales for both Gucci and Balenciaga. Gucci was Pinault's first fashion house purchase, and remains one the mogul's most important business deals to date. The acquisition was hard-fought in a battle between rival French billionaire and luxury brand owner Bernard Arnault.
Alongside other major holdings, such as a winery in Bourdeaux and a cruise line in Marseille, Pinault is one of the world's biggest private art collectors. His collection includes over 3,000 works of art and is worth over $1.2 billion.
Keep reading for a deeper look at Pinault's life, from his company's origins to his most recent business investments.
Over the years, Pinault's successful career has included many calculated business moves and key partnerships. However, some of his most important decisions were made early on in France, where his company originated. Pinault was born in Les Champs-Géraux, a commune in Brittany, France.
In 1963, Pinault founded Établissements Pinault, a timber trading company, in Rennes, France. Pinault also briefly attended College Saint-Martin in Rennes, but left school at age 16.
In 1994, the company became Pinault Printemps Redoute after acquiring La Redoute, a French mail-order retailer, and Le Printemps, a major French department store chain.
The acquisition of Gucci followed a nearly two-and-a-half-year battle with fellow billionaire Bernard Arnault. The New York Times previously labeled the legal war "one of the most bitter fights in corporate history."
In 2005, Pinault Printemps Redoute shortened its name to PPR. Pinault has three children; his son, François-Henri Pinault, was named the company's new face and CEO.
Pinault and his son and daughter-in-law are sometimes seen at soccer games. Pinault currently owns Stade Rennais soccer club, based in Brittany near his hometown.
Originally founded in 1766 by James Christie, the luxury auction giant has locations in London, New York, Paris, and other major cities. In 2017, Christie's sales totaled $6.6 billion.
Most recently, the Pinault family made headlines for their announcement of a contemporary art gallery supplied by their Pinault Foundation at the historic Bourse du Commerce in Paris.
Pinault is supplying the $55 million dollars for renovations, which will be headed by Tadao Ando, along with his impressive collection, which includes over 3,000 works of art.
Along with his circle of high-profile artists, Pinault is close friends with former French president Jacques Chirac. The Guardian previously reported that Pinault was one of the few people to have the president's personal phone number.
