LVMHs Bernard Arnault, worlds richest man, gives daughter Dior to run and promotes its chief e
The world’s richest man, Bernard Arnault, has appointed his daughter Delphine chief executive of run Dior, LVMH’s second-biggest brand, as the 73-year-old billionaire continues to elevate his children to key posts in his luxury empire.
The move comes after Antoine Arnault, his eldest son, was recently given a wider role within the business, replacing Sidney Toledano as chief executive and vice-chairman of Christian Dior, the holding company through which the family controls the LVMH Moet Hennessy Louis Vuitton conglomerate.
Arnault has been giving his children greater responsibilities throughout the group in recent years, raising questions about succession, although there’s no indication he plans to step back any time soon.
Last year, LVMH lifted the age limit of its chief executive, allowing the family patriarch to stay at the helm until he’s 80.
The promotion to chief executive would give Delphine Arnault “more of a frontline exposure at Dior”, said Luca Solca, an analyst at Sanford C. Bernstein.Delphine, 47 and the eldest of Arnault’s five children, has been executive vice-president of Louis Vuitton for the past decade, in which role she has supervised all the brand’s product-related activities. In her new role at Dior, she will work closely with Charles Delapalme, who now becomes managing director at the brand.Charles Leung of LVMH jeweller Fred on being a rare Asian fashion CEO
The younger sons from Bernard Arnault’s second marriage are also involved at LVMH. Alexandre has been in charge of products and communications at Tiffany for two years. Frederic runs Swiss watchmaker Tag Heuer, while Jean is working to develop the watch category at Louis Vuitton.Arnault on Wednesday also promoted Dior chief executive Pietro Beccari to run Louis Vuitton, the biggest brand within LVMH, which is currently run by Michael Burke, a loyal lieutenant. Burke will continue reporting to Arnault and get new responsibilities, according to a company statement.The reshuffle comes at a moment when both Dior and Louis Vuitton are thriving. While LVMH doesn’t break down financial numbers by brand, the fashion and leather goods unit’s growth had been led by Dior in the third quarter. This unit also houses Louis Vuitton, Fendi, Celine and other fashion labels.
Beccari oversaw the reopening of 30 Montaigne, Dior’s flagship store in Paris, in March after more than two years of renovation. By October, the boutique had drawn more than half a million visitors.
As part of the management shuffle, Stéphane Bianchi, chairman and chief executive of the watches and jewellery division, will now also oversee Tiffany and Repossi.
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