PARIS — The Arnault family has crossed the threshold of 50 percent ownership of French conglomerate LVMH Moët Hennessy Louis Vuitton.

Billionaire Bernard Arnault’s family group has been taking advantage of a market slump to snap up shares in the world’s largest luxury group, which owns more than 75 brands including Louis Vuitton, Dior, Tiffany & Co., Sephora and Moët & Chandon.

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The family now holds 50.01 percent of the capital and 65.94 percent of voting rights, according to a source with knowledge of the matter. At the end of last year, it detained 49.77 percent of the capital and 65.89 percent of voting rights.

Speaking after LVMH reported total revenues fell 5 percent last year, Arnault flagged the upcoming milestone, saying it signaled confidence in the group’s future prospects.“[The family group] thinks and invests for the medium term, builds products for the long run, and isn’t obsessed with what might happen next quarter,” Arnault said. “I often say that in our business, I’m optimistic over the medium term,” he continued. “The appetite for high-quality products grows in tandem with rising living standards around the world, and I believe that trend will continue.”

In order to strengthen his family’s ownership of LVMH, he announced in 2022 that his main holding firm, Financière Agache, would convert into a limited joint-stock partnership controlled by his five children: Delphine Arnault, Antoine Arnault, Alexandre Arnault, Frédéric Arnault and Jean Arnault.

All of them work for LVMH and are in line to potentially succeed their father as head of the group. However, LVMH’s shareholders last year extended the age limit for Arnault to remain at the helm of the group to 85, and the 76-year-old titan has shown no indication that he intends to retire.

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