The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Bernard Arnault

Capital · deployed

Tiffany & Co. (~$16.2B announced Nov-2019, closed Jan-2021 at ~$131.50/share after a pandemic-era dispute); Christian Dior full-line integration (2017); Bulgari (50.4% of family shares, ~$5.2B, 2011) — a serial luxury-house acquirer, though no new deal surfaced this pass

high confidence · as of 2026-07-26 · about Bernard Arnault

Sourced figures 2


the working

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