The chairman of LVMH proves that the nepotism model can still bring good business results if the children are properly trained.
LVMH chairman Bernard Arnault promoted his son and daughter to the position of the owner of Dior
The fashion village is receiving a strong wave of inheritance and business transfer. In Prada, Miuccia Prada and her husband Patrizio Bertelli cleared the way for their son Lorenzo Bertelli. At Inditex (the group that owns Zara), Marta Ortega – the youngest daughter of founder Amancia Ortega – became the chairwoman of the board in July last year.
So is the LVMH Group. The issue of transfer and inheritance is increasingly urgent when chairman Bernard Arnault is over 70 years old. Although LVMH investors voted to raise the retirement age floor for the chairman from 75 to 80, Mr. Bernard Arnault is personally clear that he must train his heirs soon.
Most recently, he has placed both his son and daughter in key positions at Dior, a brand owned by the LVMH group.
Specifically, eldest daughter Delphine Arnault, 48, will step down from her position as vice president of Louis Vuitton to become CEO of the Dior brand, starting February 1, 2023. She replaces Mr. Pietro Beccari, who will take over as general manager of Louis Vuitton.
Meanwhile, eldest son Antoine Arnault, 45, will become the general manager and vice president of the Christian Dior SE subsidiary (which owns 41% of the company’s total working capital and 56% of shareholder voting rights of the company. LVMH Group). He replaced the veteran face, Sidney Toledano. At the same time, Antoine Arnault still holds the position of chairman of the Loro Piana brand board, CEO of Berluti, and chief image officer of the LMVH group.
This move by Mr. Bernard Arnault ensures that the Arnault family will hold the ultimate power in the LVMH group.
Talking about the appointment of two children at Christian Dior, Mr. Bernard Arnault affirmed that they are all talented. Antoine Arnault’s son has been a member of the board of directors of the group since 2006, with the main responsibility to build a consistent image for the LVMH group, especially in the field of communication about environmental and social activities. festival. And daughter Delphine Arnault has many years of executive experience at Louis Vuitton. “Under [Delphine], Louis Vuitton products are proving increasingly desirable, delivering new sales milestones. Her business acumen and experience will help take Christian Dior to the next level,” said Bernard Arnault.
For the LVMH group, Christian Dior is a particularly important brand. Thanks to the acquisition of this French brand, Mr. Bernard Arnault was able to start the path to build the largest luxury group in the world. He also said that Christian Dior is the brand LVMH built to compete with Chanel in the sales and luxury fashion reputation of France.
Besides Antoine and Delphine, Bernard Arnault’s other children are all involved in the family business. Alexandre Arnault , 30, is currently vice president at jewelry brand Tiffany & Co. Frederic Arnault, 27, is the CEO of the watch brand TAG Heuer. The youngest, Jean Arnault, 24, is the head of advertising and product development for Louis Vuitton’s watch line.
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