French Billionaire Stakes Flexjet With $800 Million Investment

Fractional-share operator attracts major interest from European entrepreneur.

Mark Phelps

Monday, July 21, 2025 at 05:14 PM ET

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Edited By: jwhitley

Credit: Flexjet

Key Takeaways:

U.S. fractional-jet-share operator Flexjet received an $800 million equity investment from French billionaire Bernard Arnault, head of LVMH.
This deal constitutes a 20% stake in Flexjet and is described as the largest equity investment ever committed to a private jet travel provider.
Although Flexjet was not actively seeking financing, the investment is likely intended to provide liquidity for Flexjet co-owner Todd Boehly.

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U.S. fractional-jet-share operator Flexjet has garnered an $800 million investment infusion from French billionaire Bernard Arnault, said to be the eighth richest person in the world. Flexjet, led by aviation entrepreneur Kenn Ricci, described the deal as the “largest equity investment ever committed to a private jet travel provider.” Arnault heads LVMH, whose portfolio includes more than 75 luxury brands such as Belmond, Cheval Blanc, Dior, Dom Perignon, Krug, Louis Vuitton and Tiffany & Co.

The equity investment constitutes a 20% stake in Flexjet, with its fleet of some 300 jets. NetJets, founded by Richard Santulli in the 1980s and now owned by Warren Buffett’s Berkshire Hathaway investment group, has a fleet of more than 900 aircraft.

Ricci said of the deal, “We weren’t out seeking financing. We didn’t need financing. In fact, when they called, we weren’t in the capital markets.” Ricci is supported by billionaire Todd Boehly, who partnered with Ricci to purchase Flexjet in 2014 from Bombardier. Fractional share news outlet PrivateJetCards wrote that the deal with Arnault was likely designed to “provide liquidity” for Boehly.