French luxury group LVMH On Wednesday, it announced a reorganization of its management leadership: it has appointed a new CEO for its flagship brand. Louis Vuitton And he named the daughter of a billionaire Bernard Arnault In a confrontation Christian Dior Couture.
The shake-up of two of LVMH’s major fashion houses comes at a time when the Arnault family’s fortunes have soared to new heights, outstripping Tesla And to the head of Twitter, Elon Muskas the world’s top billionaires at the end of last year.
Bernard Arnault announced the appointment of his daughter dolphinOne of the senior executives Louis VuittonAt the helm of Dior is “a continuation of a career of excellence in fashion and leather goods.”
Under his leadership, Louis Vuitton was able to Move from one record to another so is itSharp-sighted s Unparalleled experience “They will be crucial assets in the continued development of Christian Dior,” Arnault said in a statement.
happen to Pietro Picariwho will replace Michael Burke In a confrontation Louis Vuittonthe world’s best-selling luxury brand and is known for its bags emblazoned with the “LV” initials.
Bernard Arnault praised Picari “extraordinary work” At the helm of Dior for the past five years.
“No one doubts that this will lead Louis Vuitton to more desire and success,” he declared.
He also congratulated Arnaud Burke for his “fantastic job” during the 10 years at the helm of Vuittonwhich contributed to “expand the distance with our competitors”.
Burke will take on a new role alongside Bernard Arnault.
Arno Cadarta portfolio manager at asset management firm Flornoy, said the appointments of Beccari and Delphine Arnault are Clear signs of confidence. and “the desire to keep the Balance between strangers and members of Arno’s family.”
Beccari, who joined LVMH in 2006, takes over “strategic house”While Delphine Arnault brings out “another gem of the collection,” said Kadart.
Delphine Arnault “has proven herself by doing a great and good job at Vuitton,” he said, inviting the signature “important date”
Changes in address will become effective February 1st.
Arnault, 73, and his family have overtaken Musk on the lists Forbes s bloomberg Of the world’s largest billionaires at the end of last year, and Forbes Putting the clan’s net worth at $200,000 million.
Arnault’s five children hold senior positions at LVMH.
Delphine ArnaudAnd 47 years She has been Executive Vice President of Louis Vuitton since 2013 and oversees all activities related to the brand’s products. Previously, she was Deputy General Manager of Christian Dior Couture.
Antoine Arnaud45, was appointed CEO of the holding company Christian Dior SEwhich controls LVMH, in December, and also holds other positions within the group.
Alexandre Arnault 30 years He is the Executive Vice President of the jewelry brand Tiffanywhile his brother Frederick (28 years) He is the CEO of a watch manufacturing company Tag Heuer.
the youngest son Jean ArnaudAt 24 years old, he is the watch development and marketing director at Louis Vuitton.
LVMH owns More than 75 brandsincluding the fashion company Kenzo and champagne maker Moët Chandon.
The group achieved a net profit of 6.5 billion euros ($7,000 million) in the first half of 2022, an increase of 23% over the same period of the previous year.
the Sales increased 28%amounting to 36,700 million euros.
Results for 2022 will be released in full in the coming weeks but are expected to show growth after achieving sales of €64 billion in 2021, an increase of €20 billion over the previous year.
In a note, analysts at RBC Capital Markets said the change was “positive for both the Louis Vuitton and Dior brands” and that it “also reflects driving transmission underway within the Arno family.”
(With information from AFP)