"The goal of this foundation is to spread the influence of culture, and the influence of France," Mr Arnault explained to a media conference.
As well as putting on new shows, the Louis Vuitton Foundation will also feature the history and archives of Bernard Arnault's LVMH group, which is behind Moet et Chandon champagne, Hennessy brandy, Givenchy perfume and baggage brand Louis Vuitton.
Mr Arnault has often sponsored exhibitions in Paris, and his personal art collection includes American artist Ellsworth Kelly's 1968 abstract painting, Red White Blue, which he purchased in 2001 for $1.4m (£742,107).
