Bernard Arnault, Chairman and CEO of luxury giant LVMH, has been ordered to pay €22.5m in taxes by a Paris, France court, according to a new report.
Arnault and his wife have been involved in a dispute with France’s authorities for several years related to tax liabilities.
The pair must allegedly pay €12.96m in tax and other contributions, such as late payments for 2010, and €9.5m related to the period 2012 to 2015, AFP reported citing court documents.
Cosmetics Business has contacted LVMH for comment.
Arnault, who earned an annual gross fixed compensation of €1.1m this year and variable compensation based on the company’s performance, is France’s richest man, according to Bloomberg’s Billionaires Index with a net worth of US$164bn.
The businessman and his family own a 50.01% stake in the luxury goods company, which includes beauty brands such as Guerlain, Benefit Cosmetics and Rhianna’s Fenty Beauty.
Lead image credit: Jérémy Barande / Ecole polytechnique Université Paris-Saclay/ Wikimedia Commons
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