|
 Francois Pinault is the successful French entrepreneur and one
of the wealthiest persons in Europe. He owns the majority of industries in the
luxury segment in France. He is the person who is known for his «dirty» business
making and two events he shares with everyone. He finished only eight years of
the elementary school and the other fact is that he saved the life of the President
of the Republic of France.
The childhood of Pinault wase ordinary and somewhat boring. He
was born in 1936 to the family of the forest ranger from Breton. The family lived
to make the ends meet and when the fellow got used to the idea to live on his
own he knew what to do and how to do it.
And the education was not in the list of do’s.
Pinault studied for several years and then he came to the
idea to win the world and have it at feet. Though, France could not favor for
the person without any qualification and diploma to become famous and wealthy
and enjoy perspectives. Pinault tried all the possible ways to earn for life, and
he realized that it was about the time to have his life changed. As a result, he
left for Algeria when the country was in the war condition struggling for independence.
There is little information about the life and activity
Pinault had in Algeria within three years. He was believed to trade in arms and
drugs, and irrespective of all the rumors and assumptions, Pinault came back to
his motherland wealthy enough, as compared with his financial status before.
Francois Pinault then founded Pinault Group and started
trading in timber. He bought up the unprofitable lumber mills and resold them
making fortune on that. That was really profitable business. And that was the
only activity the billionaire-to-be was involved that time. And in 1973 Pinault
found out about the coming collapse of the funds market. He sold the Pinault
Group to British businessmen for some 30 million francs. Though, a year later he
redeemed the company back for the amount six times as less.
However, Francois was not bounded to the only business, he
led an active life style and he made acquaintances with people from high societies,
and he did not forget about governmental officials. There was a remarkable
event in his life when in 1976 Pinault advised that a young Jacques Chirac cancel
his trip by the railway. Chirac heeded to the warning and it saved his life
since the train was blown up with terrorists. And nobody knew how and on what
reasons Pinault made that advice. Being the President of France, Chirac still
felt owing and paid the debt.
In 1988 the French State Bank Credit Lyonnais made
invitation to the Pinault Group as one of the intermediate companies to
purchase the American Insurance Company Executive Life. Pinault earned
approximately 2 billon dollars on that transaction.
Pinault bought up the vineyards, distributions networks,
pharmacies, book stores and others. He used the new policy in his company and
fired all the old personnel and hired absolutely new people loyal to him. He
was called «devil-fish» for his aggressive and predatory approaches in
business.
Pinault seemed to astonish the business world in Europe when
he came to buy up art works since people who knew Pinault were aware that he
visited the museum at the age of 30.
Collection became the favorite hobby for Pinault, though.
Yet, it became the idée fixe and apart from buying the works of art and luxury
items up, he got introduced to famous collectors and specialists to be in the
course of activity.
In 1998 Pinault bought the British Christie`s Auction House
as one of the first foreign owner throughout the long history of the company
for 222 years. As a new broom sweeps clean, Pinault fired the management and assigned
loyal employees. Moreover, he caused the meetings of the Board of Directors to hold
in French language. Later he reconstructed the building of the headquarter into
the hotel with luxury boutiques. With the purpose to swallow the competing Sotheby`s,
Pinault shared the information with the police on the fact that all the auction
houses negotiated on the amount of commission for their clients As a result, the
Ministry of Justice of USA penalized the Sotheby`s House for 45 million
dollars.
In the meantime, Pinault realizes his idea to get involved
in haute couture world. He bought the Italian Gucci and the French Yves Saint
Laurent companies changing the strategy and policy in companies. Also the
nouveau riche is wealthy enough to buy the French Marigny and the football club
«Rennes».
Pinault is getting older, though and he handed over most of
his activities to his son, François-Henri. He is still keen on modern art and the
vineyard Chateau La Tour.
|
