Bernard Arnault Plans Succession As Daughter Given Top Job At Dior

The world’s richest man by Forbes ranking made the latest move to plan his succession today, as his family’s hold on luxury supergroup LMVH tightened further.

Luxury goods billionaire Bernard Arnault has appointed his daughter Delphine to run Christian Dior, one of the key brands in a the $410bn luxury congomerate, as part of a management shake-up. 카지노사이트

Chairman and CEO Bernard Arnault reshuffled the top management and also named a new boss for Louis Vuitton.

Pietro Beccari, who has been the head of Dior since 2018, is moving next month to replace long-time Louis Vuitton CEO Michael Burke, 65, widely credited with turning the luggage and handbag luxury manufacturer into a global powerhouse that accounts for almost two-thirds of LVMH’s annual operating profit.

Beccari is himself a rising star and has helped Dior, LVMH’s second biggest brand, treble annual sales to approximately $10.75bn in only four years, and catapulted the Paris-based fashion house into the upper echelons of global luxury brands by sales and growth.

The management moves are the latest in a sudden foray of planning from the 73-year-old Arnault, who is chief executive, chair and majority shareholder of the group, which owns a wide portfolio of high-end businesses including Louis Vuitton, Tiffany, Givenchy, and Moet Hennessy.

Bernard Arnault Plans Succession
Arnault is clearly looking towards the leadership succession at the group he built into the most valuable company in Europe.

Delphine Arnault, the eldest of Arnault’s five children, is currently the executive vice-president of Louis Vuitton and is head of its product product-related activities. She will take up her new position with Christian Dior from February 1.

Bernard Arnault said of the announcement: “Under Delphine’s leadership, the desirability of Louis Vuitton products advanced significantly, enabling the brand to regularly set new sales records. Her keen insights and incomparable experience will be decisive assets in driving the ongoing development of Christian Dior.”

The appointment represents a return to the brand for Delphine Arnault, who first worked for the division in 2001, where she started with footwer before ascending to become a deputy general manager, working directly with Dior’s then creative director, John Galliano.

Importantly, she was largely credited with minimising the fallout after the French fashion house fired its star designer in 2011 following an online video clip which went viral showing Galliano hurling anti-Semitic abuse at people in a Paris bar, for which he was fined over $6,000 by a Paris court. 안전한카지노사이트

LVMH Changes Governance
Three of Bernard Arnault’s sons, Antoine, Alexandre, and Frédéric, have executive roles within the group. While, from a governance perspective, another important change was made in the summer at the family’s holding company Financière Agache, which holds a 48% stake in LVMH.

It turned Agache into what is known in France as a ‘société en commandite’, a distinctive legal status employed by a handful of family-owned companies such as Hermes and Michelin to help protect them from takeover.

That move was also seen as a way to facilitate the future governance within the family and to organise the ownership of the business in the coming decades among the five heirs and their descendants.

Last month, Bernard Arnault appointed his son Antoine as chief executive and chair of Christian Dior SE, the holding company that controls 41% of the capital and 56% of the voting rights in the LVMH group.

All five of his children now hold senior positions within the French company.

However, LVMH last year changed the company’s bylaws to allow a chief executive to continue running the company until the age of 80, up from a previous age of 75, so Arnault’s children may have some time to wait before any of them can take the top job.

LVMH has continued to enjoy strong demand for its high-end fashion, handbags, watches and accessories despite the global economy slowing last year among growing uncertainty. Although its shares declined by about 7% in 2022, this compared favourably with a 10% drop for the sector as a whole. 카지노사이트 추천

However, the reopening of the lucrative Chinese market as punitive Covid-19 restrictions are dropped should provide a timely sales boost from the world’s second-biggest luxury market (after the US) and the stock has enjoyed a circa 11% surge in the opening days of 2023.

Leave a Reply