On Wednesday, billionaire Bernard Arnault, who is reportedly the richest man in the world, recently announced a management shuffle at LVMH, the luxury goods conglomerate based in Paris, which includes various world-renowned brands including Louis Vuitton, Moet Hennessy, Dior, Tag Heuer, Tiffany and more. The changes in corporate administration come at a time when the luxury goods maker is facing record sales. Its share price in Paris trading increased by 2.2 percent, valuing LVMH at about $417 billion.
The 73-year-old billionaire announced that his daughter Delphine Arnault, 47 would run Christian Dior, the second biggest brand. She will work with Charles Delapalme, who is the managing director of the brand.
Earlier, eldest son Antoine Arnault had replaced Sidney Toledano, who was the chief executive officer and vice chairman of Christian Dior SE, which is the holding company through which the Arnault family controls LVMH Moet Hennessy Louis Vuitton SE.
Billionaire Bernard Arnault has also involved the sons from his second marriage in the luxury goods company. His younger sons are also involved in the family business. Alexandre has been at Tiffany for a couple of years. He looks after products and communications while Frederic looks after Tag Heuer–the Swiss watch brand. Jean is at Louis Vuitton. He is working on the development of a watch category for the brand.
On the same day, the family patriarch made another important announcement. He said that CEO of Christian Dior, Pietro Beccari would run Louis Vuitton, which is the biggest brand in the parent company, LVMH. Michael Burke, who is the current CEO, will continue to report to Bernard Arnault. He will also get new responsibilities.
Bernard Arnault has not given any indication that he would be stepping down from LVMH, although he has elevated his children. Last year, the company changed the age limit of its CEO to 80 years, so the family patriarch could have many more years at the helm.
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