The publicly traded, $28-billion-a-year conglomerate that makes up much of the family's fortune, is called PPR and owns some of the world's best-known luxury brands, including Gucci, Bottega Veneta, and Yves Saint Laurent, not to mention smaller haute designers like Stella McCartney and the late Alexander McQueen.
Although the younger Pinault is described as "humble" and lacks the typical arrogance of a billionaire heir, he still dabbles in the pursuits of the very rich when he isn't running the company. He had an Aston Martin sports car, which he later traded in for a Lexus hybrid and he has a collection of more than 60 pricey watches, at least one of which he's tried to dismantle out of curiosity. When he's not visiting his glamorous wife Salma and their 2-year-old daughter, Valentina, in Los Angeles or New York, he's playing tennis or working out with a boxing trainer.
So far, the new 47-year old heir is doing well. Despite a slump in the market, Pinault's decsions, including buying a 70% controlling stake in Puma has helped to buffer PPR against the downturn. Cost controls, cutbacks and various business-savvy moves have also helped PPR keep an even keel.
Ultimately, luxury products are still saleable. "People are still buying it, and price perception has not changed," he says.
Source: Fortune
