French billionaire Bernard Arnault has long sought to tighten his control over LVMH, the luxury conglomerate he founded almost four decades ago. This year, his efforts have gone into overdrive.

Over a period of eight months starting in February, the 76-year-old quietly bought roughly €1.4 billion ($1.6 billion) worth of LVMH shares, according to Paris stock market filings. The purchases through holding companies occurred amid a sharp price decline triggered by weaker earnings and a broader industry retreat.

The sustained buying blitz brings Arnault and his family closer to owning half of the high-end brand juggernaut, which he started in 1987 and has grown through acquisitions and expansion to become France’s largest company, with a market capitalization of €302 billion. The share purchases also underscore how throughout his career Arnault has kept his empire centered on LVMH rather than diversifying his holdings.

A spokesperson for LVMH declined to comment on the stock purchases or the reasons behind them.