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How one man became one of the top 5 richest in the world by applying American tactics to European Markets. Bernard Arnault, hailing from Roubaix, France, and an engineering graduate from École Polytechnique, began his ascent in the luxury goods industry by taking over the struggling Agache-Willot-Boussac in 1984. This company owned prestigious brands like Bon Marche and Christian Dior, which Arnault acquired for around $15 million. He transformed it into Financiere Agache, implementing aggressive cost-cutting measures, divesting certain businesses, and laying off over 9,000 employees, earning him the nickname "the Terminator." His efforts paid off, with Dior earning $112 million in the first year. Arnault's focus then shifted to LVMH Moët Hennessy - Louis Vuitton in the late 1980s, where he invested $2.6 billion to become its largest shareholder and chairman. Following a tumultuous merger between Louis Vuitton and Hennessy in 1987, he ousted the CEOs and appointed himself as the CEO of the combined entity. Today, LVMH is valued at $438 billion, making Arnault one of the world's richest individuals.

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McKinsey seems to see plenty of value creation by AI in the finance industry. Here is where they see the most opportunity for disruption.

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