French billionaire Bernard Arnault has long sought to tighten his control over LVMH , the luxury conglomerate he founded almost four decades ago. This year, his efforts have gone into overdrive.

Over a period of eight months starting in February, the 76-year-old quietly bought roughly €1.4 billion ($1.6 billion) worth of LVMH shares, according to Paris stock market filings. The purchases through holding companies occurred amid a sharp price decline triggered by weaker earnings and a broader industry retreat.

The sustained buying blitz brings Arnault and his family closer to owning half of the high-end brand juggernaut, which he started in 1987 and has grown through acquisitions and expansion to become France’s largest company, with a market capitalisation of €302 billion. The share p

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