LVMH CEO Invests in AI Startups

Bernard Arnault, the founder and CEO of luxury goods conglomerate LVMH, has significantly increased his investments in artificial intelligence this year via his family office, Aglaé Ventures. Although specific investment amounts remain undisclosed, reports indicate that Aglaé has participated in funding rounds totaling over $300 million for various AI firms, as noted by Fintrx. This strategic move aligns with Arnault's vision of diversifying his investment portfolio beyond luxury goods. Among the notable investments, Aglaé Ventures contributed to a $220 million funding round in May, which valued the AI company H at $370 million. Additionally, in April, Aglaé was involved in a $12 million Series A funding round for Proxima, a New York-based AI-driven digital marketing firm. Since its inception in 2017, Aglaé has made 153 investments across various sectors, with a significant focus on technology, consumer goods, and business services. Given that the Arnault family's wealth is predominantly tied to LVMH, owning approximately 48% of its shares, Aglaé Ventures has limited incentive to invest in luxury brands. However, the family’s passion for art has led to investments in creative sectors, including a $9.5 million funding round for LaCollection, a digital art platform. Arnault's historical perspective on investments reflects a mix of successes and failures, as he recounted his experience with 75 startups in the 1990s during a speech at the LVMH Innovation Awards.