Francois Pinault Founder of Christie's auction house Country: France

Biography of François Pinault

Born in 1936 in the French province of Brittany, François Pinault grew up in a family of modest means. His father was a forester and struggled to make ends meet. Pinault had a rebellious spirit and only pursued activities that promised immediate profit, such as driving and making money. Education held no interest for him, and after barely finishing school, he had no plans to pursue further studies.

For several years, Pinault struggled to make a living, taking odd jobs in Brittany and Paris. During this time, he severed ties with his family, who gave him advice on how to live his life. The only lesson he learned from them was that he could only rely on himself.

Seeking wealth, Pinault left for Algeria in search of opportunities. It remains a mystery what exactly he did during the three years he spent in the Arab country, which was embroiled in a war for independence. Although rumors circulated about his involvement in arms and drug trade, there is no official confirmation of these allegations. However, Pinault returned from Algeria with a significant amount of money, a transformed man, confident and sure of his next move.

At the age of 27, he founded his company, Pinault Group, and ventured into the timber trade. For many years, Pinault traded timber and built valuable connections, including a friendship with the up-and-coming official Jacques Chirac. In 1973, Pinault decided to test his intuition and sold Pinault Group to British investors for 30 million francs, just before the stock market crash. Less than a year later, he repurchased the company for 5 million francs, earning more in one year than in the previous five. This victory ignited his desire for wealth and success.

In 1988, at the age of 52, Pinault transformed from a respected middle-class businessman with a loyal wife and four children into a man determined to become extremely rich. He began acquiring companies, starting with the retail chain Conforama in 1991, followed by the acquisition of Printemps, one of the largest department stores in Paris, the following year. Pinault continued his buying spree, acquiring La Redoute, a retail network, and Fnac, the largest bookstore chain in France, in 1994. His group became known as Pinault-Printemps-Redoute (PPR), the largest retail conglomerate in France with a market capitalization of approximately $16 billion.

As he continued his acquisitions, Pinault ventured into the world of luxury fashion, purchasing the Italian company Gucci Group and the French company Yves Saint Laurent in 1999. His aggressive takeover of Gucci Group from Bernard Arnault, the owner of the luxury goods company LVMH, and his subsequent ousting of the company's top managers solidified his reputation as a fierce competitor in the industry.

Pinault also made a name for himself in the art world by acquiring the auction house Christie's in 1998. He transformed its headquarters into a hotel with boutiques and conducted board meetings in French. Pinault's influence extended to the art market, and Christie's became a dominant player, generating billions of dollars in annual revenue.

With an estimated net worth of $5 billion to $8 billion, Pinault's empire includes retail networks, castles, vineyards, theaters, and football clubs. He is known for his love of luxury and collecting art, with a particular passion for American paintings. In 2006, he opened a massive contemporary art museum on Seguin Island in Paris, showcasing his extensive collection.

As Pinault celebrates his 68th birthday, he plans to gradually pass on his empire to his four children, with his eldest son, François-Henri Pinault, taking over leadership of PPR. François-Henri has already assumed operational control of the company and is expected to continue his father's legacy. Pinault himself now focuses on expanding his collection of American paintings and managing "Château Latour," one of the world's finest vineyards.