decisions towards decentralizing the group's brands as a business strategy. As a result of these measures, brands under the LVMH umbrella such as Tiffany are still viewed as independent firms with their history. Art collection Arnault's collection includes work by Picasso, Yves Klein, Henry Moore, and Andy Warhol. He was also instrumental in establishing LVMH as a significant patron of art in France. The LVMH Young Fashion Designer was created as an international competition open to students from fine-arts schools. Every year, the winner is awarded a grant to support the creation of the designer's label and with a year of mentorship. From 1999 to 2003, he owned Phillips de Pury & Company, an art auction house, and bought out the first French auctioneer, Tajan. In 2006, Arnault started the building project of the Louis Vuitton Foundation. Dedicated to the creation and contemporary art, the building was designed by the architect Frank Gehry. The Foundation's grand opening at the Jardin d'Acclimatation Paris was held on 20 October 2014. Personal life Family In 1973, he married Anne Dewavrin, together having two children, Delphine and Antoine. They separated in 1990. In 1991, he married Hélène Mercier, a Canadian concert pianist, together having three children, Alexandre, Frédéric, and Jean. Arnault and Mercier live in Paris. All five children — Delphine, Antoine, Alexandre, Frédéric, and Jean — have official roles in brands controlled by Arnault, along with his niece Stephanie Watine Arnault. Alexandre is the EVP of Tiffany & Co, Frédéric is the CEO of TAG Heuer, and Jean is the Director of Marketing and Development at Louis Vuitton. Since 2010, Arnault's daughter Delphine has been the partner of Xavier Niel, a French billionaire businessman active in the telecommunications and technology industry. Effective February 1, 2023, Delphine is the Chief Executive Officer of the luxury brand Dior. Wealth In April 1999, he became the richest person in fashion, topping Zara's Amancio Ortega. In 2016, Arnault was paid €7.8 million as the CEO of the LVMH group. In July 2019, Arnault became the second-richest man in the world, with a net worth of $103 billion. Arnault briefly surpassed Jeff Bezos to become the richest person in the world in December 2019, and again for a short time in January 2020. During the COVID-19 pandemic, Arnault saw his wealth shrink by $30 billion as sales of luxury goods plummeted. On 5 August 2021, he regained the