This podcast episode delves into the history and strategy of LVMH, the world's largest luxury conglomerate, and how Bernard Arnault transformed a $15 million investment in a bankrupt textile company into a vast empire. The discussion covers LVMH's origins, beginning with Christian Dior's revolutionary post-war fashion, and Louis Vuitton's rise from trunk maker to a global brand under Henri Racamier. The episode explores Arnault's strategic acquisitions and corporate raiding tactics, particularly in gaining control of Dior and LVMH, and his focus on brand power, vertical integration, and scale economies in luxury. The program also covers the significant impact of cultural relevance and celebrity partnerships. The episode also details LVMH's failed attempt to acquire Gucci and its complex battle for control of Hermes, as well as its purchase of Tiffany & Co. and its expansion into new areas. Key themes include the importance of “star brands”, the evolution of luxury from an elite market to a global scale, and the upcoming succession of leadership to Arnault’s five children.