FB Roundup: Günther Fielmann, Frédéric Arnault, Mooky and Israel Greidinger
German eyewear billionaire Günther Fielmann dies aged 84
German optics company Fielmann has announced the passing of Günther Fielmann, the eyewear retailer’s founder, majority owner and chief executive officer, at the age of 84.
According to the firm’s statement, Fielmann died in his sleep in the presence of family at his home in Lütjensee in the north-western state of Schleswig-Holstein.
“The thoughts of more than 23,000 of our staff in Europe, Asia and the United States are with Günther Fielmann's relatives at this time,” a company release said. “We express our condolences and deep sympathy to his family, friends and associates.”
Fielmann, who had an estimated net worth of $4.6 billion (according to Forbes), “would be remembered for his customer-oriented approach, his creativity and vision as a pioneer in the eyewear sector,” read the statement.
As a young man, Fielmann wanted to be a photographer but was convinced by his school principal father to train as an optometrist. By the early 1980s, Fielmann was credited with having revolutionised the German spectacle market by initially offering 90 fashionable frames for the allowance of the statutory health insurance funds when there were previously only six models available (this later grew to a choice of 7,000 frames). This led to his nickname as the “Robin Hood of spectacle wearers” and helped his chain of eponymous opticians to grow massively across Germany and around the world.
In 2019, Fielmann handed over the running of the business to his son Marc having decided to concentrate on his philanthropic endeavours in education, science, culture and nature conservation.
Frédéric Arnault appointed CEO of LVMH Watches
Frédéric Arnault, the second youngest child of Bernard Arnault, who joined TAG Heuer in 2017 and became CEO of TAG Heuer in 2020, has been appointed CEO of LVMH Watches.
The appointment sees Frédéric put in charge of Hublot, TAG Heuer and Zenithm, among other major timepiece brands.
Frédéric’s promotion comes, according to a LVMH press release, “after successfully driving the transformation and acceleration of TAG Heuer over the past six years, his new role within the Watches & Jewelry Division will ensure a strong and sustainable growth for the Watch Maisons and reinforce LVMH’s role within the watchmaking industry.”
“Frédéric has done a tremendous job at TAG Heuer over the past six years,” said Stéphane Bianchi, CEO of watches and jewelry at LVMH. “His unique and disruptive vision for the watchmaking industry led to a spectacular transformation for TAG Heuer, which recovered its credentials in record time as the luxury watch brand driven by high performance. I am eager to see what his unique insights and vision will bring to fuel additional and sustainable growth for [our watch maisons].”
The appointment follows on from the recent news that Antoine Arnault, the eldest son of Bernard Arnault, is leaving his role as chief executive officer of Berluti, a move which has kickstarted succession chatter at the world’s biggest luxury group.
In 2023, the 74-year-old Bernard Arnault, who is the second richest man in the world (according to the Bloomberg Billionaires Index), oversaw a shake-up of executive LVMH roles. His 48-year-old daughter, Delphine, was appointed CEO of Christian Dior, with Antoine as head of the family-owned holding company Christian Dior SE, as well as other oversight responsibilities at LVMH.
29-year-old Frédéric, Antoine and Delphine are among five siblings currently working for the family firm. Alexandre Arnault, 31, is presently in charge of product and communications at Tiffany & Co, while Jean Arnault, 25, heads up developing Louis Vuitton’s watch category.
Former cinema owners Mooky and Israel Greidinger aim to get back into the movie business
Mooky and Israel Greidinger, the Israeli businessmen brothers who grew the Cineworld Group into the “world’s second-largest theater chain” only to suffer the effects of the Covid-19 lockdown and subsequently forced to sell the company, are reportedly looking to get back into the movie business.
As reported by Bloomberg, the siblings have been in talks with “banks and investment funds to raise capital for potential acquisitions of theatres, according to people familiar with the matter.
“The talks are at an early stage, and no targets have been identified, said the people, who asked not to be identified because the discussions are private.”
In early 2020, Cineworld had been slated to buy the Canadian chain Cineplex Entertainment for $2.1 billion, making it the world’s largest cinema chain (ahead of AMC Theatres) with more than 11,000 screens. However, Cineworld was forced to abandon the takeover before the end of June deadline, citing “certain breaches” of contract (according to CBC).
As the pandemic took hold and cinemas were told to close their doors, a major drop in Cineworld business took hold, necessitating an application for bankruptcy protection at a US court in September 2022.
The Greidingers, who have ties to the theatre industry which date back to the 1930s, were replaced as executives of Cineworld in 2023, at which point the family held about 30% stake in the chain.
