Peel County Police gave a news conference in front of the seized truck.
Carlos Osorio/Reuters
Nine people have been charged or sought in connection with a big gold heist last year.
The gold theft at Toronto Pearson airport was the largest in Canadian history, police said.
20 kilograms of gold and cash were stolen from a plane after it arrived from Zurich.
An Air Canada worker and several others have been charged or sought in connection with a huge gold heist at Canada's busiest airport in April last year.
The thieves stole 20 kilograms of gold bars worth about C$20 million ($14.5 million) and C$2.5 million of foreign currency, Peel County Police said in a statement.
Authorities said the gold and cash were taken from a cargo plane from Zurich, Switzerland after it landed at Toronto Pearson International Aiport and then put into a suspect's truck.
The 6,600 gold bars and the foreign currency were supposed to go to a bank in Toronto before being stolen.
"This particular theft has become the largest gold theft in Canadian history," Peel Regional Chief Nishan Duraiappah said at a news conference held in front of the suspect's seized truck.
It's "one we jokingly say belongs in a Netflix series," he added.
The heist was organized by people both inside and outside the airport facilities, police said.
Peel police have identified and charged or issued warrants for nine individuals with more than 19 charges.
Parmpal Sidhu, 54, an Air Canada employee, was charged with theft over $5000 and conspiracy to commit indictable offence.
An arrest warrant has been issued for Simran Preet Panesar, 31, a former Air Canada employee who was employed at the time of the theft. He gave the police a tour of the airport facility and later resigned from the airline, before being identified as a suspect.
Lead investigator Mike Mavity said the suspects "needed people inside Air Canada to facilitate this theft."
Air Canada spokesman Peter Fitzpatrick told CBC that two suspects individuals worked for the airline's cargo division when the theft occurred.
"One left the company prior to the arrests announced today and the second has been suspended. As this is now before the courts, we are limited in our ability to comment further," he said.
Some of the stolen gold was melted down and used to buy illegal firearms, police said.
The Philadelphia Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives arrested a man in the United States who had 65 illegal firearms in his possession.
Canadian investigators also seized a kilogram of gold, smelting equipment, and cash worth about C$434,000.
Gold can be transformed in different forms, making it harder to track down once it's been stolen. This makes the precious metal a prime target for criminal gangs.
Earlier this year, Hong Kong customs officials found $10 million of gold hidden inside machinery on a cargo flight bound for Japan. In another case, last year, an adtech sales representative attempted to steal gold bars valued at $9 million before being intercepted by the FBI.
A Patriot air defense system test-fired during a 2017 training in Greece.
Anthony Sweeney/US Army
The Netherlands' PM said his country could buy Patriots from other countries to give to Ukraine.
Mark Rutte said some nations have the air-defense systems but may not want to give them directly.
Ukraine desperately needs more air defenses as it runs low on supplies to stop Russian attacks.
One of Ukraine's main European allies said it could buy US-made Patriot air-defense systems from other countries to send on to Ukraine.
Mark Rutte, the prime minister of The Netherlands, one of Ukraine's biggest backers, said at an EU leaders summit on Thursday that his country could offer Ukraine more help to combat Russia's invasion,The Guardian reported.
"We know that many countries are sitting on large piles of Patriot systems, maybe not wanting to deliver it directly," he said, adding: "We can buy it from them, we can deliver it to Ukraine, we have the money available. It's crucial."
Ukraine is searching for more Patriot systems as it runs low on air defenses to stop Russian attacks.
Some of its allies have said they have none to spare, while some other countries have said they are reluctant to give the weapon to a country at war.
Patriot air-defense systems during Polish military training at an airport in Warsaw, Poland, in February 2023.
REUTERS/Kacper Pempel
Rutte's comments came after remarks made by NATO Secretary General Jens Stoltenberg, who said on Wednesday that Ukraine's allies should help it with air defenses.
"If allies face a choice between meeting NATO capability targets and providing more aid to Ukraine, my message is clear: Send more to Ukraine," he said.
Rutte is the frontrunner to take over from the NATO chief later this year.
The US-made MIM-104 Patriot missile system is a ground-based, mobile surface-to-air missile battery. It can down aircraft, cruise missiles, and short-range and tactical ballistic missiles.
Ukraine has between three and five Patriots. Neither Ukraine nor its allies share the exact number or exactly where they are deployed.
But Ukraine is running critically low on air defense supplies, giving Russia's missile and drone attacks — which have destroyed energy infrastructure, hit residential buildings, and killed civilians — more chance of success.
Ukraine's foreign minister said they've identified more than 100 Patriot systems that allies could spare, and said Ukraine is focused on trying to get seven as soon as possible.
He said he "struggles to understand" some allies' resistance to giving Ukraine at least one of their Patriot systems.
Ukraine's shortages, which also include ammunition and other weaponry, have been exacerbated by Republicans in the US stalling on billions in further aid over the past six months.
Stoltenberg, the NATO chief, on Wednesday called the US "the ally with the most Patriot batteries" and said it has "global responsibilities."
Bernard Arnault, CEO of luxury-goods conglomerate LVMH, has brought all his five children into the business.
Nicholas Kamm/Getty Images
Bernard Arnault is the world's richest man. He has a net worth of $221 billion, per Bloomberg.
He controls the massive luxury conglomerate LVMH, and his children all hold roles in the business.
On Thursday, two of his sons joined LVMH's board. Meaning that four out of five of his children now sit on the board.
No name is perhaps more synonymous with the world of luxury goods than Bernard Arnault.
Arnault, the 75-year-old CEO of French luxury conglomerate LVMH Moët Hennessy Louis Vuitton, or just LVMH for short, built his fortune over almost four decades, amassing a luxury-goods empire that includes some of the best-known brands in fashion, jewelry, and alcohol, including Louis Vuitton, TAG Heuer, and Dom Pérignon.
On Thursday, Arnault announced that two of his sons — Alexandre, a VP at Tiffany, and Frédéric, head of LVMH's watches division — are joining LVMH's board. This means four of his five children have places on the board.
This decision will likely spark renewed speculation about which of Arnault's children might one day take over the running of the business.
Here's a closer look at how Arnault and his family rose to the top:
The 75-year-old French businessman is the chairman and CEO of LVMH Moët Hennessy — Louis Vuitton, known as LVMH.
The majority of Arnault's wealth comes from his stake in luxury fashion house, Christian Dior.
Getty Images
Arnault owns a 48% stake in LVMH, according to Bloomberg.
Arnault comes from the northern French town of Roubaix.
Students from École Polytechnique, where Arnault went to school.
In 1984, Arnault acquired an ailing company called Agache-Willot-Boussac.
LVMH vice president Alain Chevalier and Bernard Arnault, then CEO of Financière Agache, at an event in Paris in 1988.
Getty Images
Agache-Willot-Boussac owned brands like French department store Bon Marché and the fashion house Christian Dior, according to The New York Times. He renamed the firm Financière Agache and initiated a turnaround, cutting costs and selling off some of its businesses, the Times reported.
The moves helped the company earn an additional $112 million on revenue of $1.9 billion just a few years later.
Arnault bough Celine and funded designer Christian LaCroix after helping bring in additional revenue for Financiere Agache.
Claudio Lavenia/Getty Images
In 1987, he bought the fashion house Celine and funded the French designer Christian Lacroix, according to The New York Times.
In the late 1980s, Arnault said his goal was to run the world's largest luxury company within the following decade.
Bernard Arnault circa 1980.
Michel SETBOUN/Gamma-Rapho via Getty Images
He then set his sights on LVMH Moët Hennessy Louis Vuitton, spending $2.6 billion buying up shares in order to become the company's largest shareholder, and eventually its chairman and CEO, by 1989, according to The New York Times.
Arnault married Anne Dewavrin in 1973.
Arnault and his now ex-wife Anne Dewavrin.
Frederic REGLAIN / Contributor/Getty Images
The couple had two children, and during their marriage, Arnault moved the family to the United States for a couple of years in "open reaction to the rise of the French Socialists and their determination to tax the rich," according to France24.
He and Dewavrin separated in 1990, according to the Financial Times.
Arnault then married concert pianist, Hélène Mercier, in 1991.
Bernard Arnault and his second wife, Canadian concert pianist, Hélène Mercier.
Reuters
Arnault reportedly wooed her by playing Chopin and other classical composers for her, according to Forbes.
Like many of his fellow billionaires, Arnault lives a lavish life.
Bernard Arnault on board his private jet between Beijing and Shanghai.
The French billionaire and his wife live on Paris's Left Bank, south of the Seine River, a historic area that includes neighborhoods such as the Latin Quarter and St. Germain-des-Prés.
Arnault poses in front of his Basquiat collection in his Paris home.
FANTHOMME Hubert / Contributor/Getty Images
He also has an impressive art collection of both modern and contemporary paintings that includes pieces by artists like Jean-Michel Basquiat, Damien Hirst, Maurizio Cattelan, Andy Warhol, and Pablo Picasso, according to Bloomberg.
Arnault has five children: two with his first wife and three with his current wife.
From left: Alexandre, Frédéric, and Jean Arnault, Helene Mercier, and Bernard, Delphine, and Antoine Arnault.
DENIS CHARLET/AFP via Getty Images
Antoine and Delphine Arnault are his two children from his first marriage, while his youngest three — Alexandre, Frédéric, and Jean — are from his second marriage to Mercier, according to The New York Times.
Delphine, Arnault's oldest daughter, has established herself as a central figure in the LVMH empire.
Delphine Arnault became CEO of Christian Dior Couture in 2023.
Getty Images
She started her career at the American consultancy firm McKinsey & Co. in Paris and was the executive vice president at Louis Vuitton, according to Business of Fashion. In January 2019, Delphine became the youngest member of LVMH's executive committee at age 43, according to mds. Delphine became CEO and chair of Christian Dior Couture in 2023.
Delphine married Italian wine heir Alessandro Vallarino Gancia in 2005 in what Forbes called at the time "France's wedding of the year."
Delphine Arnault at her wedding to first husband Alessandro Vallarino Gancia.
DERRICK CEYRAC/AFP/Getty Images
The couple divorced in 2010. She now reportedly lives with tech billionaire Xavier Niel and has two children.
Delphine is notoriously private about her personal life. In a 2014 interview with the Financial Times, she said, "I'm quite discreet. I think I'd rather focus on my work."
Delphine's younger brother Antoine is CEO of Christian Dior SE, the holding company of LVMH, a role he was appointed to in December 2022.
Antoine Arnault was appointed the CEO of Christian Dior SE in December 2022.
Antoine is married to supermodel Natalia Vodianova, whom he reportedly met on a shoot for a 2008 Louis Vuitton campaign when he was the brand's head of communications.
Antoine Arnault and his wife, model Natalia Vodianova, whom he met in 2008.
Vianney Le Caer/Invision/AP
The couple lives in Paris with their two children, and Vodianova's three children from a previous marriage, according to W Magazine.
Alexandre, the son of Bernard Arnault and Mercier, became an executive VP at Tiffany & Co. after LVMH bought the jewelry brand.
Alexandre Arnault, the executive vice president of product and communications at Tiffany & Co.
REUTERS/Benoit Tessier
LVMH acquired Tiffany & Co. in 2021, after which Alexandre became the company's executive vice president of product and communications. Prior to moving over to Tiffany, Alexandre was the CEO of Rimowa, a German luggage brand owned by LVMH.
Alexandre is longtime friends with Evan Spiegel, the chief executive of Snap. Spiegel told The New York Times that Alexandre is "a really creative guy" and that "he's constantly thinking about the brand and how to express that."
Alexandre's younger brother Frédéric is CEO of LVMH Watches.
Bernard Arnault and his son Frédéric Arnault in June 2018.
Jean Arnault has a master's degree in financial mathematics from the Massachusetts Institute of Technology, as well as a master's in mechanical engineering from Imperial College London. According to his LinkedIn profile, he interned at Morgan Stanley and McLaren Racing and worked in a Louis Vuitton retail store before joining the company full-time.
Arnault met then President-elect Donald Trump at Trump Tower in New York City, right before Trump's inauguration in 2017, to discuss expanding LVMH factories in the US.
Bernard Arnault has said he and former president Trump have known each other since the 1980s.
Arnault told reporters at the ribbon-cutting ceremony that he was honored to have the president in attendance and noted that the two have known each other since the 1980s.
Former Goldman Sachs chief executive Lloyd Blankfein once said Arnault's skill is in realizing the demand for high-end luxury products around the world.
Former Goldman Sachs chief executive Lloyd Blankfein once called Arnault a "complete visionary."
Chip Somodevilla/Getty Images
"I am so far from appreciating luxury items, let alone the demand for luxury items, but he was a complete visionary," Blankfein said of Arnault, according to CNBC.
Arnault is reportedly longtime friends with former French president Nicolas Sarkozy.
Bernard Arnault And Nicolas Sarkozy in 1994.
Getty Images
He was a witness at Sarkozy's wedding to singer and model Carla Bruni, according to The New York Times.
Arnault can be seen shaking hands with Vladimir Putin during the Russian president's 2003 visit to the Château Cheval Blanc vineyard in France, which LVMH owns.
Russian president Vladimir Putin visits the Château Cheval Blanc on February 12, 2003.
Getty Images
The 39-hectare vineyard is located in France's winemaking region of Bordeaux, according to LVMH's website.
Arnault considered the legendary designer and Chanel creative director Karl Lagerfeld a good friend.
Karl Lagerfeld and Bernard Arnault in Paris in 2005.
Bertrand Rindoff Petroff/Getty Images
In a statement upon Lagerfeld's death in 2019 posted to LVMH's website, Arnault said, "The death of this dear friend deeply saddens me, my wife and my children." He also said, "We loved and admired him deeply. Fashion and culture have lost a great inspiration."
But Arnault also has a longstanding public rivalry with François Pinault, the founder of luxury group Kering, who's worth about $30 billion.
Arnault's rival, François Pinault, founder of luxury group Kering.
Kevin Dietsch/Getty Images
Kering owns brands including Gucci and Yves St. Laurent, and the billionaire also owns Christie's auction house, according to Bloomberg. LVMH originally tried to acquire a majority stake in Gucci in 1999, but Pinault ultimately snatched up the brand, according to Forbes.
Over the years, Arnault has built LVMH into the largest luxury conglomerate in the world and earned himself an imposing nickname: "the wolf in the cashmere coat."
Arnault's nickname is "the wolf in the cashmere coat."
Reuters
And he's confident in the luxury empire he's built, once telling the late Steve Jobs that demand for luxury goods like champagne may even outlast the almost $3 trillion dollar tech brand.
He previously told The New York Times, "Steve Jobs once asked me for some advice about retail, but I said, 'I am not sure at all we are in the same business.' I don't know if we will still use Apple products in 25 years, but I am sure we will still be drinking Dom Pérignon."
He's behind the creation of Foundation Louis Vuitton.
Arnault and Mercier at Foundation Louis Vuitton.
REUTERS/Alain Jocard/Pool
The Frank Gehry-designed contemporary art museum and performance space in Paris opened in 2014, according to The New York Times.
In April 2019, LVMH released a statement on behalf of the Arnault family, pledging 200 million euros, or about $226 million at the time, to help rebuild the Notre-Dame Cathedral, which was heavily damaged in a 2019 fire.
Smoke billows as fire engulfs the spire of Notre-Dame Cathedral in Paris, France, in April 2019.
Then, the coronavirus pandemic hit, and pandemic-related shutdowns sank LVMH's stock, sending Arnault's personal net worth down more than $30 billion by May 2020, according to Bloomberg.
As the world opened up again, though, LVMH's stock recovered, thanks to strong sales in fashion and leather goods and an uptick in alcohol sales, particularly Champagne.
At the tail end of 2022, Arnault dethroned Elon Musk, and claimed the top spot as the richest man in the world.
Arnault is the second richest man in the world with a networth of around $167 billion, according to the latest estimates from Bloomberg.
CHRISTOPHE ARCHAMBAULT/AFP via Getty Images
In April 2023, his net worth even surpassed the $200 billion mark making him the third person ever, behind Elon Musk and Jeff Bezos, to do so.
He's currently the world's richest person. He, Bezos, and Musk have traded places on and off over the past year.
In April 2023, LVMH's headquarters in Paris were briefly stormed by protesters who were opposed to the French government's proposal to raise the country's retirement age from 62 to 64.
Protestors entering LVMH headquarters on the Rue Montaigne in Paris.
Arnault reportedly meets with his five children for a monthly lunch in the private dining room at LVMH to instruct them on the company's strategy and manager performance.
From left: Alexandre Arnault, Antoine Arnault, Delphine Arnault, and Bernard Arnault.
Vianney Le Caer/AP
And much like the HBO series "Succession," there has been considerable speculation about which of Arnault's children will eventually take over the LVMH empire. Arnault, however, said he's taught his kids to prize the company over personal disagreements from a young age. "For now, they all get on great," he previously said.
Arnault has been pretty vague about who will eventually take the reins of the company.
Arnault with his daughter, Dior CEO Delphine, and son, Alexandre, who was previously the CEO of Rimowa and is now an executive at Tiffany & Co.
Bertrand Rindoff Petroff / Contributor
"The best person inside the family or outside the family should be one day my successor," he's previously said. "But it's not something that I hope is a duel for the near future."
And he's also brushed off comparisons to a Succession-style battle between his children for control of LVMH. The New York Times reported that "he hates this talk, and takes pains to play down parallels to the show."
Jefferies inserted a $4 million break-up fee in an offer contract and wants it to be paid.
Epic Cure/Shutterstock
Jefferies included a $4 million break-up fee in an offer letter to a banker.
The Wall Street bank is demanding payment after Dean Decker stayed with Credit Suisse after signing.
A California appeals court is expected to rule shortly on whether the break-up clause was legal.
A Wall Street bank inserted a $4 million break-up fee into an offer letter and demanded the payment after the employee backed out. Seven years on, a California appeals court is set to rule on whether the fee was legal.
In 2017, Jefferies included the clause to deter Dean Decker, a hotshot banker working for Credit Suisse at the time, from using its $10 million offer as leverage to secure higher pay and a promotion from his employer. Bloomberg reported, citing court filings, that he did exactly that.
Break-up clauses are commonly used in corporate mergers to discourage either party from getting cold feet or saying yes to a rival suitor. They also compensate the jilted party for the time and money spent crafting the deal.
Jefferies applied the same thinking to its contracts with Decker and others. But Decker's defense team has argued it's a different story to demand $4 million from an individual who's never received a paycheck from your firm, and borders on ransom.
"His compensation increased substantially, and he received a promotion solely because he signed the agreement with Jefferies," the investment bank and capital-markets firm said in a court filing.
"In fact, the only winner was Decker — both Jefferies and Credit Suisse were gamed (pun intended.)"
Decker told an arbitration panel that he fully intended to join Jefferies, but changed his mind after another colleague backed out of a deal to join Jefferies, Bloomberg said.
If the California judges rule against Decker, that could make companies feel more comfortable imposing penalties on prospective employees.
It would also highlight the financial dangers to individuals of parlaying an offer from another employer into a bigger paycheck from their current firm.
It's worth noting that Credit Suisse agreed to cover Decker's legal costs and any damages, meaning UBS is on the hook following a merger of the two Swiss banks last year.
In the meantime, Decker has moved to Banco Santander, a Spanish banking group.
Jefferies and UBS didn't immediately respond to a request for comment from Business Insider.
Casey Wetherbee left his corporate job and moved from Washington, DC, to Buenos Aires.
Courtesy Casey Wetherbee
I moved from New York to Buenos Aires in 2023 to start a new life as a freelancer.
I was feeling burnt out at my corporate job in Washington, DC, and wanted to move abroad.
I'm making less money, but I'm happier; the cost of living is lower, and my schedule is flexible.
On a cool evening in the fall of 2023, I boarded a one-way flight from New York to Buenos Aires, with the intention of living there for an undetermined amount of time. I had never been to Argentina before and I didn't have a job lined up.
I felt stagnant at my corporate job and wanted a change of pace, and I wanted to live abroad after living in the same city for my entire adult life. I decided on Buenos Aires after around four months of consideration. I also wanted to try writing for a living, and a lower cost of living would help me be more financially secure in a relatively insecure stint as a freelancer.
I was exposed to Spanish as a kid, both at home and through vacations abroad
From kindergarten to eighth grade, I attended a public school in New York that was around 50% Hispanic, so many of my closest friends spoke Spanish at home and with one another in the classroom.
During this time, I spent a few winter breaks traveling to Latin America with my dad's side of the family. Since they all speak a decent amount of Spanish, on our trips to places like Mexico, Costa Rica, and Ecuador, it was easy to go beyond tourist traps and sanitized resorts.
Casey Wetherbee has traveled with his family frequently over the years, seen here with his father and grandfather in Guatemala in 2010.
Courtesy Casey Wetherbee
I started taking Spanish classes in middle school and continued into college. Over a decade later, people here in Argentina are often surprised to learn that I'm a gringo rather than a native speaker because of this intrinsic motivation to perfect my language skills.
I went from 50-hour weeks to a totally flexible schedule
I went to college in Washington, DC. After I graduated in 2021 with an international relations degree, I stayed in the area for graduate school while also starting a full-time job in corporate investigations.
Working and going to school at the same time meant long workdays followed by evening classes, some of which would end at around 9 p.m. Sometimes, I found myself working on the weekend. In short, my work-life balance and sleep schedule were abysmal.
After the dust settled and I finished my master's degree, I was still uninspired by my work, and the corporate grind was getting to me. I liked my coworkers, and I was learning valuable skills, but it wasn't enough.
Even after getting promoted in March 2023, I knew that I would eventually leave that career path. Although I was climbing the ladder, the money and success weren't worth working a job that I didn't love. I'd figured out that my favorite parts of the job were research and writing, so I hoped to use those skills to pivot into journalism.
It would be my first time moving to a new city as an adult, so my motivation was also personal. The professional component was important, but equally significant was my desire to experience a completely new culture and lifestyle away from the DC-based support system I had developed in college, and hopefully learn about myself along the way.
I make much less money, but the cost of living is considerably lower
I picked Buenos Aires for practical reasons: its visa situation is relatively relaxed and the cost of living is low. For these reasons, there is a substantial expat community in the city.
I currently pay $400 a month to rent a studio that is about the same size as the one I paid $1,750 a month for in Washington, DC. Generally speaking, food and everyday necessities are many times cheaper than in US cities.
My salary when I left my job was around $72,000, with a good insurance policy. I started putting aside some of my income for Argentina at the beginning of 2023 since I didn't know how freelancing would go.
Luckily, in the last few months, I've begun working on a contract basis for my old company for $30 an hour, meaning that I only have to work 10 to 15 hours a week to live comfortably, and I can take weeks off if I need to. Aside from my freelance contract work, I also write freelance essays and earn extra income, which goes a long way.
I don't know when — or if — I'll leave Buenos Aires
Sometimes, the nature of freelancing makes it difficult to budget and plan. Every month is different, so instead of making a fixed contribution to a retirement account, I have to decide how much to save each month.
Still, I'm very fortunate to have ample savings and a supportive family. For example, my mom helped pay for my flight back home for Thanksgiving, which was expensive. Given that a one-way flight to New York is more than one month of rent, the support goes a long way.
At the moment, I'm not actively looking for a job and I intend on staying in Buenos Aires at least until the end of this year. I enjoy the lifestyle that I'm able to live here with such a flexible work schedule — it's hard to imagine going back to a much more expensive city.
Alexandre Arnault, Antoine Arnault and Delphine Arnault with their father Bernard.
Vianney Le Caer/AP
LVMH boss Bernard Arnault is currently the world's richest person.
Arnault has five children — and they all work across LVMH and its brands.
On Thursday, two of Arnault's sons — Alexandre and Frédéric — joined the board. This means four out of his five children sit on the board.
Luxury goods mogul Bernard Arnault is the world's richest person.
Eric Piermont/Getty Images
Two more of Bernard Arnault's children have just joined LVMH's board. This means four out of Arnault's five children now sit on the LVMH board.
Arnault is currently the world's richest person with a net worth of about $221 billion, according to estimates by Bloomberg. In 2023, he became only the third person to surpass the $200 billion mark, following tech moguls Jeff Bezos and Elon Musk.
Arnault cofounded LVMH in the 1980s and is its CEO and chair. The French luxury conglomerate owns a range of brands covering fashion, perfume, jewelry, watches, and alcohol, including Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, Fenty Beauty, and Tiffany & Co.
Bernard, 75, has not said who he wants to take over from him, but it's a topic that gets discussed every time he gives one of his offspring a new role. In 2022 LVMH raised the age limit of its CEO from 75 to 80, extending Bernard's possible tenure.
"The best person inside the family or outside the family should be one day my successor," Bernard told The New York Times in September. "But it's not something that I hope is a duel for the near future."
Bernard has primed his children for leadership roles at the company since birth, though they say he never forced them to join LVMH. His offspring were sent to the best schools and as children would get quizzed on their math skills nearly every night, The Times reported.
"I didn't want them to start going to big parties," Bernard said of his children. "I made them work."
The Arnault family has been compared to HBO series "Succession," which sees the children of media mogul Logan Roy vying to take over as CEO.
"I know it's disappointing for a lot of people," Antoine Arnault, Bernard's oldest son, told The Times, "but we actually get on well."
Delphine and Antoine already sit on LVMH's board, leaving only Jean — the youngest of the siblings — off the board.
His oldest child — and only daughter — is the CEO of Dior.
Getty Images
Delphine, born in 1975, is the eldest of Bernard's five children, and his only daughter.
She started her career at McKinsey, where she spent two years as a consultant before moving to designer John Galliano's company.
Delphine worked at Christian Dior Couture as its deputy managing director from 2008 to 2013, before spending a decade as an executive vice president of Louis Vuitton, LVMH's biggest brand.
She started as the CEO and chair of Dior in February 2023.
Delphine sits on LVMH's board of directors and is a member of its executive committee — only the second woman to join it, and its youngest member when she joined it at 43.
Antoine is the CEO of LVMH's parent company.
Jacopo Raule/Getty Images
Antoine is Bernard's oldest son, born in 1977. Like Delphine, Antoine was born to Bernard's first wife, Anne Dewavrin.
Antoine started working at LVMH in 2005 in its advertising department. Two years later, he was appointed director of communications at Louis Vuitton, where he launched campaigns with public figures ranging from Angelina Jolie and Bono to Muhammad Ali and Mikhail Gorbachev.
In December 2022, Antoine was appointed CEO of Christian Dior SE, the holding company the family uses to control LVMH. He's also the non-executive chair of cashmere label Loro Piana.
Antoine became an LVMH board member in 2006 and has been the company's head of image and environment since 2018.
Alexandre became an executive VP at Tiffany & Co. after LVMH bought the jeweler.
Jon Kopaloff/Getty Images
Alexandre was born in 1992, Bernard's first son to his second wife, Helene Mercier, and is an executive vice president at Tiffany & Co.
After interning in New York at McKinsey and KKR, Alexandre moved to his father's retail empire, where he worked on digital innovation.
"I was obviously raised to be in the group," Alexandre told The New York Times in 2018, adding that it was ultimately his choice to work at LVMH and that he turned down offers from McKinsey and KKR.
Alexandre spent about four years as the CEO of German luggage brand Rimowa after reportedly persuading his father to buy an 80% stake in it in 2016. During his time at the helm, he revitalized Rimowa — including launching collaborations with Supreme and Off-White.
Former President Donald Trump said in February 2023 that he had hosted Alexandre and his wife for dinner at Mar-a-Lago. "He is a young man on the move, the son of one of the great businessmen and leaders in Europe, and in the World," Trump wrote of Arnault.
Frédéric heads LVMH's watches division.
Guillaume Souvant/Getty Images
Frédéric, born in 1995, leads LVMH's watches division.
He joined the company full-time in 2017 as the temporary head of connected technologies at Swiss watchmaker TAG Heuer. Just a year later, he became TAG Heuer's director of strategy and digital. In 2020, he was named the brand's CEO at the age of 25. The role involved managing over 2,000 people and starting a "complete transformation" of the company.
The New York Times reported that Bernard had groomed Frédéric to become TAG Heuer's leader from the start, though this wasn't entirely smooth sailing. Stéphane Bianchi, who was CEO of TAG Heuer before Frédéric and tasked with training his successor, told the newspaper they clashed "everywhere" at the start.
In his time running the company, Frédéric focused on connected watches, orchestrated a shift from wholesale to retail, grew its e-commerce sales, and negotiated a partnership with Porsche.
Frédéric was appointed head to a new role running LVMH's watches division in January. In his role, he oversees TAG Heuer, Hublot, and Zenith.
Bernard's youngest son, Jean, is a director in Louis Vuitton's watches division.
Jean Arnault (right) with his brother Frédéric.
Dave Benett/Getty Images
Jean is Bernard's youngest son, born in 1998. He has a master's in financial mathematics from MIT and another in mechanical engineering from Imperial College, London, according to the Financial Times.
As a student, he interned at both Morgan Stanley and McLaren Racing and had a short stint at a Louis Vuitton retail store in Paris, according to his LinkedIn profile.
Jean became the marketing and development director of Louis Vuitton's watch division in August 2021 at the age of 23, just months after he graduated. He's now the brand's watches director.
Jean told the FT that his older brother Frédéric's work at TAG Heuer had sparked his interest in watchmaking.
"We have a close relationship and he started talking to me about the new watches and all the different things he was working on," Jean said. "I was fascinated. And that's really the turning point."
Jean told The New York Times in November 2022 that he still turns to his older brother Frédéric for work advice.
Rep. Marjorie Taylor Greene, the Georgia Republican, outside the US Capitol.
Anna Moneymaker/Getty Images
Rep. Marjorie Taylor Greene revisited tricky territory in an amendment to an Israel funding bill.
Greene's amendment would divert cash from Israel to developing space lasers for the US border.
A 2018 post suggesting that lasers in space caused a California wildfire has long haunted Greene.
Rep. Marjorie Taylor Greene made clear her opposition to sending extra money to Israel in a weirdly self-referential way.
The Georgia congresswoman demanded that US funding to Israel also be spent on developing "space lasers," an apparent reference to a lowlight of her political past.
Greene's proposed amendment to HR 8034 seeks to divert money from Israel to "the development of space laser technology on the southwest border" of the US.
On X, Greene said it was an attempt to ensure the US has similar technology to Israel's laser-powered weapons like the experimental Iron Beam.
Israel has some of the best unmanned defense systems in the world.
I’ve previously voted to fund space lasers for Israel’s defense.
America needs to take our national security seriously and deserves the same type of defense for our border that Israel has and proudly uses. pic.twitter.com/oDeDqTXvQQ
— Rep. Marjorie Taylor Greene🇺🇸 (@RepMTG) April 18, 2024
Suffice it to say that the "Jewish space laser" theory has become a staple piece of mockery for those attacking Greene and is brought up by reporters often.
A video from early March shows Greene being less than thrilled to talk about the theory, telling the British reporter Emily Maitlis to "fuck off" after she asked about it.
It might seem strange, then, for Greene to voluntarily go back to space-laser territory, given that it's often earned her mockery.
But it's also in keeping with her MAGA Republican style, embracing the most eye-catching possible methods to signal her positions — in this case, her die-hard opposition to sending aid to other countries.
The suggestion isn't realistic and isn't meant to be.
It was among a raft of amendments offered by Greene and allies like Rep. Paul Gosar meant to make it harder to pass the bills.
Other suggestions of Greene's include seven amendments to a bill designed to send money to Ukraine.
They include provisions that would divert money instead to US disaster zones, or that would force all members of Congress who support the bill to enlist in the Ukrainian military.
Business Insider wrote to Greene's office seeking comment in an email sent outside regular business hours.
The bills are the latest attempts to break a congressional deadlock on getting aid to Ukraine and Israel.
Previous attempts to consider the two issues in a single bill were abandoned, and the House is considering the bills separately.
President Joe Biden on Wednesday said that he supports both measures, and urged the House and Senate to quickly pass them so he could sign them into law.
Arnault announced the appointments on Thursday following a vote at LVMH's shareholder AGM.
The new appointments are Alexandre Arnault, executive vice-president of product, communications, and industrial at Tiffany & Co, and Frédéric Arnault, head of LVMH's watches division.
Four of Bernard Arnault's five children now sit on the LVMH board.
Delphine Arnault, his oldest child, and CEO of Christian Dior Couture, has been on the board since 2003, while Antoine, CEO of Christian Dior SE, the holding company the family uses to control LVMH, joined it in 2006.
Only Jean Arnault, Bernard Arnault's youngest son, doesn't sit on the company's board. Jean Arnault is a director in Louis Vuitton's watches division.
Bernard Arnault, who cofounded LVMH in the 1980s, is the French luxury conglomerate's CEO and chair. Its brands include Louis Vuitton, Dior, Marc Jacobs, Givenchy, Moët & Chandon, and Fenty Beauty.
Bernard Arnault is currently the world's richest person with a net worth of about $221 billion, according to estimates by Bloomberg.
He's been priming his children for leadership roles in LVMH their whole lives, and has never publicly said who he wants to take over his role at the company in the future.
"The best person inside the family or outside the family should be one day my successor," Bernard Arnault told The New York Times in September. "But it's not something that I hope is a duel for the near future."
ALICEs aren't technically in poverty, but they have trouble affording daily necessities.
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ALICE is an acronym for a group of Americans who are asset-limited, income-constrained, and employed.
Most ALICEs earn too much to qualify for government assistance but not enough to afford daily life in the US.
Their existence points to a gap in how the US measures who's struggling economically.
Imagine making just enough money at your job that you don't qualify for food stamps or disability payments, but not enough to afford rent and healthcare. That would make you an ALICE.
ALICEs — or Asset Limited, Income Constrained, Employed — is a term coined by United Way's United for ALICE program to describe Americans who work and make more than the Federal Poverty Level for a family of four of $31,200, or $15,060 for an individual, but who struggle to pay for basic needs.
Many ALICEs are workers whose wages typically aren't enough to cover their bills, meaning they live paycheck to paycheck. Some are forced to sacrifice rent payments for food or childcare for medical appointments.
About 29% of the US population are ALICEs, while 13% are below the Federal Poverty Level, according to United for ALICE's calculations using data from the Census Bureau's American Community Survey and United Way's estimates for how much a family needs to get by.
Many government initiatives have tried to help people rise out of poverty. Still, as Stephanie Hoopes, national director at United For ALICE, told BI, the Federal Poverty Level is outdated in many ways, as it doesn't account for regional differences and the growing proportion of people's budgets that go to food. Hoopes also said that less attention is paid to assisting those who are better off financially but still can't invest in their futures.
For the most part, poverty shares across the US have been falling — something that, on its face, seems like good news for American workers. And while those measures might reach the most financially distressed Americans, the benefit cut-offs leave behind the still-precarious group of ALICEs.
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But the share of ALICEs has been rising across the country over the last decade or so, with pandemic boom states like Montana and Idaho seeing big jumps. That comes as many Americans' earnings increased but may not have kept pace with skyrocketing inflation and housing prices.
The prevalence of ALICEs might point to an economic issue undergirding what looks like a robust labor market: Americans are increasingly falling between the cracks of affluence and assistance, and policy isn't rising to meet them. It's a marked contrast to the pandemic-era stimulus that eradicated qualifications for different types of aid and provided direct stimulus.
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"It's hard to get in data the frustration, the stress, the ongoing day in day out, having to make some really bad choices," Hoopes said. "Are you going to get the medicine for your kid, or are you going to have dinner tonight? Are you going to keep the electricity on? Are you going to go to childcare?"
Fewer Americans are in poverty, but more are ALICEs
To qualify for SNAP, for instance, families must have an income below about 138% of the Federal Poverty Level, meaning a family of four must have a gross income below $39,000.
For Supplemental Security Income, which provides benefits for Americans with disabilities, the cutoff for individuals is usually $23,652 from yearly wages. Some state-to-state benefits are often available to individuals and families earning 200% to 250% of the Federal Poverty Level.
United For ALICE found that inflation has hit those households even harder than the typical American. The Consumer Price Index, one of the main measures of inflation in the US, includes many goods and services that ALICEs aren't buying frequently, such as dinners out, sports gear, or concert tickets.
United For ALICE developed the ALICE Essentials Index that more closely tracks the survival budget for lower-income households. When measuring inflation for just basic expenditures, the ALICE Essentials Index has increased faster than CPI. Simultaneously, over the last 12 years, ALICEs have been falling behind on wage increases.
"Some of our calculations showed that falling behind like that, just buying the same thing every year, ALICE would've had to work another whole year just to afford those things over that time period," Hoopes said.
And the rise in ALICEs is unevenly felt.
"There is a disproportionate impact on Black and Hispanic households, people with disability, younger and older households are more likely to be below the ALICE threshold, as are single-parent households with children versus married parent," Hoopes said.
Indeed, many Americans aren't necessarily falling into poverty, but they are increasingly teetering toward becoming ALICEs. Hoopes said that it's a label increasingly resonating with workers.
"When we present, I'll get people coming up afterward and say, thank you for explaining why I'm having a hard time. I thought that I was the problem," Hoopes said. "Yet here, there's a structural explanation and so it does hit people in a very real way."
That comes as the share of Americans above the ALICE threshold dropped in almost every state from 2010 to 2021, with the exception of states like Florida and Utah — both of which attracted an influx of wealthier coastal residents during pandemic migrations.
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The prevalence of ALICEs might be part of the reason that Americans don't feel rosy about good economic data — and it also pokes holes in the stereotypes around who, exactly, is struggling in the US.
"People have a lot of stereotypes about who that is, and it's folks who are lazy or not trying hard. Our data shows here's the costs, and here's what jobs pay, and most of those jobs don't pay enough to cover the costs," Hoopes said. "It's a mathematical equation and it's a structural problem. It's not that folks aren't trying hard."
Hermès is having a moment — especially its Birkin and Kelly handbags.
Speaking with Business Insider, collectors and experts explained why they love them.
Each said they appreciated the bags' high-quality craftsmanship and practicality.
Hermès is having a moment.
Billionaires give Birkins as gifts, and celebrities continue using the brand's bags as status symbols. The Hermès resale market has skyrocketed while the fashion house's stock rose 30% over the past year. But of course, Birkins, Kelly bags, and other Hermès pieces are nothing new.
Thierry Hermès founded his namesake brand in 1837, and around 1950, Robert Dumas — the son-in-law of Thierry's grandson Émile Hermès — transformed the leather goods business into a luxury fashion house. He created the brand's signature silk scarves, Chaîne d'ancre bracelet, and other timeless accessories.
He's also responsible for the Kelly bag, usually priced starting at $9,000, which now sits beside Birkins as the most sought-after purses made by Hermès.
Both styles are famously handmade in limited quantities, with highly coveted versions costing hundreds of thousands of dollars compared to the regular Birkins, which can cost upwards of $10,000.
They're then offered to shoppers seemingly at random. You can't order one from Hermès online, and you're not guaranteed to find one in the brand's boutiques.
However, according to collectors and Hermès experts who spoke to Business Insider, the high prices and exclusivity factor don't really matter. For them, it's all about the shopping experience and the bags' high-quality.
Jasmine Rasco and one of her Birkin bags.
Jasmine Rasco
Name: Jasmine Rasco
Age: 31
Her first Birkin: Rasco, a podcaster and content creator, fell in love with Hermès four years ago. She officially started her collection in 2022.
"The bag that I really wanted was priced around $28,000 on the resale market, and I was not ready to spend that kind of money on a Birkin," she said. "So I opted for a secondhand Birkin 35 in a Gris color with gold hardware. It was a little bit older, from around 2016, but still in excellent condition. I paid $15,000."
Current bag count: Rasco's collection has tripled since buying her first bag. She bought her second bag — a Birkin 25 Sellier crafted with Epsom leather and palladium hardware — at the flagship Hermès store in Paris. She also received a Birkin 25 made with rose-gold hardware and Swift leather in the color Rose Azalee for Christmas last year.
Why she loves them: Exclusivity is a big draw for Roscoe.
"It doesn't matter if it's a Birkin, a pair of shoes, or a perfume," she said. "I don't like oversaturated items. So, I'm not going to lie — I love Birkins being exclusive. It feels like a reward to get something that not everyone else has."
Breaking down the Hermès myth: Rasco believes you don't have to be a lifelong customer or spend tens of thousands at Hermès stores to be offered a Birkin or Kelly bag.
"When I was in Paris, we did not spend a lot of money," she said. "I bought a scarf, a pair of shoes — Oran Sandals — matching his-and-her leather bracelets, and some Twillys. I think we spent around $2,000. And prior to that, I didn't have a significant purchase history."
Still, she could purchase a bag directly from Hermès for the first time that day.
Where she carries them: Not only doesRasco use her bags, but she also parties with them. She recently attended a Spotify event and brought her Birkin on the dance floor.
"It was a risk because other people around me were drinking, but I was out there having a fabulous time with my Birkin," she said.
Tiffany Moon with a mini Kelly bag.
Richard Rodriguez/Stringer/Getty Images
Name: Tiffany Moon
Age: 39
Her first Birkin: Moon's first Birkin bag was a celebratory purchase.
It was 2008, and she was paying her way through medical school with scholarships, loans, and paychecks from a waitressing job. But whenever possible, she'd set aside money for flights she'd need to take when interviewing for hospital residencies.
She was told to save between $10,000 and $15,000. But because Moon was at the top of her class, she landed a residency much sooner — with far fewer flights — than expected.
"So, I bought my first Birkin — a 35-centimeter in black Togo leather with gold hardware — with the money that I had saved for residency interviews but did not need to use," she said. "Back then, it cost like $8,000."
"I still use her to this day. People are like, 'So you got your Birkin when you graduated from medical school. Do you have rich parents or something?' And I'm like, 'No, my parents are poor. I grew up in poverty.' Could I have invested that money? Sure. But some might say the Birkin was the investment."
Current bag count: At least 50, by Moon's guess. She prefers Birkins, but she also has at least 10 Kelly bags.
Why she loves them: Moon is clear on one thing: Birkins are just bags, and collecting is simply her hobby.
"I appreciate the rich history and craftsmanship of the bag," she said. "I like talking to people about them, and placing a special order always has a little thrill. I don't have many hobbies, so I guess Birkin collecting is mine, but they're just bags."
The secret to her success: Hermès sales associates are key to having a Birkin collection like Moon's.
The "Real Housewives of Dallas" star first connected with a sales associate in Texas, who later directed Moon to her current contact once they left the company. She also developed a relationship with a sales associate in San Fransisco where she did her anesthesia residency.
"We're still friends, you know what I mean?" she said. "When I was in San Francisco last year for an anesthesia conference, I went to visit her. I don't know about other people, but my sales associates are like my friends. They know me. I've had them at my birthday parties before, cocktail parties, that sort of thing."
Where she carries them: Moon protects her bags. She wraps Twilly scarves around their handles and places plastic cap protectors over their feet. But she takes those measures so that she can use them.
"I fly commercial and put my bags on the floor under the seat in front of me," she said. "At the end of the day, it's just a bag, and a bag is meant to facilitate your life. If you have to baby your bag or not go certain places because of what you're carrying, that to me is silly. I would never do that. I use my Birkins."
Lydia Millen carries her first Birkin bag.
Joe Giddens – PA Images/Getty Images
Name: Lydia Millen
Age: 36
Her first Birkin: About three years ago in London, Millen, who's spent the past decade creating luxury and fashion content, purchased her first Hermès bag — a Birkin 30 made from Barenia Faubourg leather in the shade Fauve — from a consignment shop.
Current bag count: "My collection is very small and edited in the grand scheme of things," she said. "I see these huge, palatial closets filled with lots of different Hermès bags. But for me, it's about having pieces that are going to get the most wear in my wardrobe."
Why she loves them: The exclusivity factor plays a part in Millen's love for Hermès bags, but for her, it's about the quality.
"It really is the fact that it's a family-owned business and that the craftsmanship and materials they use are the highest quality," she said.
"They're robust, reliable, and I think they always look good, no matter how old they are. I've got one bag that is over 50 years old, and it still looks absolutely spectacular."
The more scuffed, the better: A dust-bag packaged Birkin straight out of an orange Hermès box is one thing. But for Millen, nothing beats an aged and slouchy Birkin 25, especially those made from Box or Barenia leather.
"Barenia is one of the most historically prominent leathers in the Hermès library," she said.
"It's what they used to make their saddlery. It is so beautiful and quite delicate — but you want to see the signs of age on the leather. It patterns quite quickly. It scratches, it scuffs," Millen added. "I like leather that shows its age and just gets better over time. I like bags like fine wines."
Where she carries them: It's likely not surprising that Millen uses her Birkins and Kellys daily.
"They're coming with me when I'm going to the gym — not into the gym, but to the gym — shopping, meetings," she said.
She feels they're meant to be loved and used. After all, Millen said, "That's why they're made so well — so that they transcend time and go through life with you."
Tania Antonenkova and one of her mini Kelly bags.
Tania Antonenkova
Name: Tania Antonenkova
Age: 31
Her first Birkin: While many people joined TikTok and baked bread during the pandemic, Tania Antonenkova became obsessed with Hermès.
She quickly found that many luxury shoppers spend years shopping at Hermès stores, building relationships with sales associates, and spending thousands on other items before being offered bags. So, she aimed to go the resale route instead. Her husband had other plans.
"My husband said he would just get me one at the store, and I laughed at him," she said. "But he managed to buy one there the same day. It was back in 2020; maybe COVID had something to do with that. It was much, much easier to get bags."
He picked up a $10,000 Birkin 30 Officier bag made from Togo leather in the shade Bleu Encre and embellished with palladium hardware.
Current bag count: "I don't keep count. I know it's more than 10," she said, noting three Birkins, four mini Kelly bags, and a handful of other Kellys in bigger sizes.
Why she loves them: Antonenkova was originally drawn to the luxury status and exclusive reputation of Birkins, but the quality of Hermès pieces has kept her coming back for more.
"I've researched different brands — their craftsmanship and leather quality — and have not found anything remotely close to Hermès," she said.
She's so passionate about the brand's bags that Antonenkova created a members-only group where people pay her to share Hermès expertise and provide shopping tips.
"I call it H Inner Circle," she said. "I do monthly Q&As with people, give advice, and listen to their shopping situations."
What's not worth the hype: Now an Hermès expert who makes content about the brand, Antonenkova noted that the most difficult Birkins to buy are the smallest, size 25, because they're the most popular with shoppers — but she's not a fan.
"I cannot wrap my head around them," she said. "The size is a bit too small. All my Birkins are size 30."
Where she carries them: Rather than keeping herHermès collection on display, Antonenkova uses her bags everywhere — from airplanes to private tours of Versailles.