(Reuters) – PARISOn Wednesday, LVMH Chairman and CEO Bernard Arnault reinforced his family’s hold on the luxury goods business by putting his daughter Delphine in charge of one of the company’s most recognisable labels, Christian Dior, as part of a management shuffle.
Furthermore, since 2018, the world’s largest luxury conglomerate has replaced long-time Louis Vuitton CEO Michael Burke with Dior CEO Pietro Beccari.
“Both are widely respected; logical promotions within the group,” Credit Suisse’s Natasha Brilliant said.
Delphine Arnault, 47, has worked with Burke at Louis Vuitton for the past decade and previously at Dior.
Burke will continue to collaborate with Bernard Arnault, according to a statement from the firm.
Antoine Arnault, Bernard Arnault’s eldest son, was recently appointed to lead the family holding firm, succeeding senior CEO Sidney Toledano.
The family’s tighter grip over its business coincides with a spate of high-profile successions in other European fashion enterprises.
Bernard Arnault, 73, has shown no indications of stepping down anytime soon, and the corporation increased the maximum age of its CEO to 80 from 75 last year.
Delphine and Antoine, 45, are the offspring of their father’s first marriage.
Alexandre Arnault, 30, is a Tiffany & Co. executive (NYSE:TIF). Frederic Arnault, 28, is the CEO of TAG Heuer, another LVMH company. Jean Arnault, the company’s youngest child, is in charge of marketing and product development for Louis Vuitton’s watch section.
