The richest man in the world, Bernard Arnault, has picked his daughter to lead the fashion business, Dior. Mr. Arnault elevated Delphine Arnault, age 47, as part of a reorganization at LVMH, the most valuable corporation in Europe.
Its collection of luxury brands, which includes Fendi and Louis Vuitton, is valued at over £336 billion.
Michael Burke, the longtime CEO of Louis Vuitton, will be succeeded by Pietro Beccari, the former CEO of Dior.
Both Ms. Arnault and Mr. Beccari are “well-respected,” so these advancements are “logical within the group,” according to Natasha Brilliant, an analyst at Credit Suisse.
All five of Mr. Arnault’s children have executive roles within the group’s brands.
The February changes follow the recent nomination of Antoine Arnault, the eldest son of Bernard Arnault, to lead the family’s holding business.
Alexandre Arnault, 30 years old, is in charge of products and communication at Tiffany, whereas his brother Frederic Arnault, 28 years old, is the CEO of another group company, Tag Heuer.
Jean Arnault, the youngest child, is in charge of marketing and product development for the timepieces section of Louis Vuitton.
The products sold by Mr. Arnault’s firms include Louis Vuitton luxury luggage and Mot and Chandon champagne.
Citi analyst Thomas Chauvet stated that succession planning in strategic roles has been crucial to the development of LVMH’s core brands over the past two decades, making today’s decisions significant.
Christian Dior’s runway shows in Paris are attended by international celebrities like as K-pop star Jisoo and singer Rihanna, who draw large throngs of devoted admirers.
Since 2013, Delphine Arnault has served as executive vice president of Louis Vuitton for LVMH. She will depart from this role.
LVMH stated that Louis Vuitton set new sales records under the leadership of Ms. Arnault.
In subsequent years, comparable succession plans have been implemented by other large fashion corporations.
In 2021, Inditex, which owns brands including Zara and Massimo Dutti, selected the daughter of its founder as its next chairwoman. She was 37 years old at the time.
The CEO of the fashion brand Prada, Patrizio Bertelli, has stated that he expects his son Lorenzo to take over the company within two years.
In December 2022, Bernard Arnault surpassed Elon Musk to become the world’s richest man.
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