How Bernard Arnault became the world’s richest person

A story Bernard Arnault likes to tell is of a meeting with Steve Jobs, the late co-founder of Apple and father of the iPhone. Jobs was on the verge of launching the Apple Store. Mr Arnault, a Frenchman whose company, LVMH, provides high society with its Louis Vuitton luggage, Christian Dior couture, Tiffany jewellery and Dom Pérignon champagne, knows more than most about turning storefronts into temples of desire. As they talked, the conversation turned to their products. Mr Arnault asked Jobs whether he thought the iPhone would still be around in 30 years’ time. The American replied that he did not know. Jobs then asked the same question about Dom Pérignon, whose first vintage was in 1921. Mr Arnault, the story goes, assured him it would still be drunk for generations to come. Jobs agreed.