When it comes to Louis Moët Hennessy Group, many people may not be familiar with the bloody history behind it.

In the early years, Arnault was just an ordinary rich second generation.

No matter how you mention the history of Arnault's fortune, you can't avoid Chevalier, who is known as the "Napoleon of luxury goods".

Chevalier is a legend and a bad guy.

Chevalier created a miracle at that time.

He came from an ordinary background and was admitted to the French National School of Administration on his own.

What is the concept of Ecole Nationale Administrative France?

The college is known as the cradle of "French national leaders".

A total of 2 French presidents and 6 prime ministers came out of this college.

There are countless ministerial-level officials.

In other words, this kind of college is simply not accessible to people from ordinary family backgrounds.

Chevalier was admitted to the French National School of Administration, which was just the climax of his cheating.

In school, Chevalier showed superhuman emotional intelligence.

I don’t even know if God was intentionally guiding him and allowing him to get to know several classmates with whom he had a very close relationship.

One of them was the future French President Chirac.

This is not even miraculous. De Gaulle, who was idle at home at the time, was obsessed with accepting Chevalier as his student.

To the French people, de Gaulle was no less controversial than Napoleon.

But no matter what, Chevalier benefited greatly from de Gaulle's energy and connections in the political world.

With the relationship between de Gaulle and Chirac, Chevalier was at ease.

Although he later chose to leave politics, it did not prevent him from making use of his circle of friends.

Chevalier was still cheating. He had a senior student who was serving as the president of the Bank of France at the time, named Lemire.

Lemire vaguely pointed out to Chevalier that Moët & Chandon, a high-end champagne company, was looking for a new leader.

Moreover, the Moet family is willing to give up its management power and hand over the group to a team of professional managers.

Chevalier, who was quick-thinking, immediately felt that an opportunity had come.

So he recommended himself and successfully persuaded the Moët family to become president of the Moët Group.

Putting aside everything else, how could the Moët family refuse Chevalier’s connections in politics?

Later, Chevalier used his personal connections and spent huge amounts of money on advertising to associate Moët & Chandon's champagne with the aristocracy.

With the Moët & Chandon Group in his hands, it took only 11 months for the Moet & Chandon Champagne Group to turn a profit and its stock price to rise rapidly.

The cheating life continues, and careerist Chevalier sets his sights on another high-end wine brand - Hennessy.

As one of the three major cognacs in the world, it has a history of more than 200 years.

Hennessy accounted for more than half of the global brandy market in the 1960s.

However, in the 1970s, due to the decline in stock prices, Hennessy's shares pledged to BNP Paribas were at risk of being liquidated.

The Hennessy family also had to consider selling shares.

At this time, Chevalier's good schoolmate, Lemire, the president of the Bank of Paris, appeared again and introduced Chevalier to the Hennessy family.

Chevalier also persuaded the Moët family to acquire Hennessy shares held by BNP Paribas.

On the other hand, using the senior's connections, BNP Paribas provided leveraged funds to acquire the remaining shares of Hennessy.

The two companies were successfully merged to create the famous Moët Hennessy Group.

This only covers the second half of Louis Moët Hennessy.

The first half of Louis refers to the Louis Vuitton Group.

After going public, E Vuitton Group continued its capital expansion.

Henri Lacamier, the head of the group and son-in-law of the Vuitton family, is in urgent need of outside support.

Chevalier, who has deep pockets, has tried to enter the luxury goods market before, but with mediocre results.

Coincidentally with this perfect opportunity, he started to acquire Louis Vuitton, an old luxury brand.

After the merger of the two companies, it simply caused a shock in the luxury goods industry.

The merger of two originally unrelated groups directly created a behemoth.

However, the newly established lvmh Group may seem huge, but it is also very fragile.

Chevalier and Lacamier, the two actual shareholders, neither obeyed the other.

LV and mh are like water and oil solutions. They seem to be in a cup, but they are actually distinct.

From the core concept of the brand, business parts, and personnel allocation, they are all independent.

What is even more difficult to reconcile is that Chevalier, who took over half way from Moët Hennessy, has no "family feelings" at all and believes deeply in the professional manager system.

But Louis Vuitton, which has been passed down for generations, believes in the family management system.

The two sides had many conflicts, which once ranged from product planning to brand layout.

It was difficult to reach agreement on something as small as the design of a piece of stationery, and the differences gradually widened.

In order to attack opponents and increase one's own control over the merged group.

The two families made the choice to bring in outside allies.

Arnault was an ally introduced by Lamicaye, the son-in-law of the Louis Vuitton family.

Neither Ramicaye nor Chevalier took Arnault seriously at first.

Mainly during this period, Arno pretended to be harmless.

Both parties thought he only played a mediating role.

He has a good relationship with Chevalier, and he has climbed up the ranks step by step from being Chevalier's younger brother.

Between La Camille and Chevalier, there was a lot of flattery.

History is always surprisingly similar. Chevalier never dreamed that Arnault, who looked up to him, would actually want to acquire Louis Moët Hennessy.

After a series of tricks, Arnault successfully killed Chevalier and Lamicaye, and took Louis Moët Hen into his own hands.

After reading the information provided by Li Changqing and others, Chen Dongcheng had only one feeling.

This old white man has a vicious vision, is extremely ambitious, and has great endurance.

"Occupying the magpie's nest" is only the first step in Arnault's career map.

After that, Arnault was like a prehistoric crocodile with its mouth wide open, targeting every prey on the luxury table.

Fendi, Givenchy, Bulgari, Sephora, Guerlain...

Not surprisingly, Arnault captured them all one by one.

If we say that Dad Ma was fattened by Chinese women.

That Arnault was definitely sent to the altar with the hands of women all over the world.

Countless luxuries empty out not only men's wallets, but also corrode many women into becoming more materialistic.

Although the opponent is very formidable, it is definitely impossible for Chen Dongcheng to retreat.

Belmond ranks among the top ten luxury hotel groups in the world.

The average room price of all its hotels around the world is US$534 per night, and its revenue last year exceeded US$500 million.

Even though the number of Belmond hotels is small, its profitability is huge.

Junting Fund is the main force on the surface, and Blue Eagle Fund is secretly supporting.

With Arnault's shrewdness, the current offer has reached the limit he can bear.

The current quotations offered by the two companies have reached 23 times ev/ebitda, which is much higher than the 12 times ev/ebitda of their peers.

ev/ebitda is the enterprise value multiple and is a widely used company valuation indicator.

What's more powerful than the ordinary p/e (price-to-earnings ratio) is that this valuation indicator can take into account both equity returns and creditor returns.

The company's financing amount is different, the leverage ratio is also different, and naturally the p/e is different.

But if you use ev/ebitda, there is basically not much difference.

This shows how crazy the bidding between Chen Dongcheng and Arnault has become.

There are even many funds and investment banks that are paying close attention to the crazy bidding of the two companies.

What is reasonable or not is not within the scope of the two companies' consideration.

The French Railways has already made a lot of money, and now we have to see how much the two companies will open.

Back at the company, Roland Voss communicated with the management to prevent everyone from offending the new boss and being fired.
To be continued...