Billionaire Arnault hires daughter to head Dior amid LVMH shuffle

Bernard Arnault has named his daughter Delphine to head Dior, LVMH’s second-biggest brand, while the 73-year-old billionaire continues to promote his children to key positions in his luxury empire.

The move comes after Antoine Arnault, the eldest son, recently received a broader role at the company, replacing Sidney Toledano as chief executive officer and vice chairman of Christian Dior, the holding company through which the LVMH Moet Hennessy family controls Louis Vuitton.

The richest man in the world, Bernard Arnault, has given his children greater responsibility.

The richest man in the world, Bernard Arnault, has given his children greater responsibility. Credit:Bloomberg

The richest man in the world has given his children more responsibility across the group in recent years, raising questions about the succession, although there is no indication he plans to step down any time soon. Last year, LVMH removed the age limit for its CEO, allowing the family patriarch to remain at the helm until he turned 80.

The promotion will give Delphine “more 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, responsible for overseeing all of the brand’s product-related activities. In her new role at Dior, she will work closely with Charles Delapalme, who will now become CEO of the brand.

Head of French multinational LVMH Bernard Arnault (centre) and his wife Helene (2R) with their children (from left) Frederic Arnault, Delphine Arnault, Antoine Arnault and Alexandre Arnault.

Head of French multinational LVMH Bernard Arnault (centre) and his wife Helene (2R) with their children (from left) Frederic Arnault, Delphine Arnault, Antoine Arnault and Alexandre Arnault. Credit:Getty

The younger sons from Bernard Arnault’s second marriage are also involved with LVMH. Alexandre has been responsible for products and communications at Tiffany for two years. Frederic runs the Swiss watch manufacturer Tag Heuer while Jean works on the development of the watch category at Louis Vuitton.

Arnault also on Wednesday promoted Pietro Beccari, CEO of Dior, to head Louis Vuitton, the largest brand within LVMH, run by Michael Burke, a staunch lieutenant. Burke will continue to report to Arnault and be given new responsibilities, according to a statement Wednesday.

The reshuffle comes at a time when Dior and Louis Vuitton are thriving. While LVMH doesn’t break down its financials by brand, growth at its fashion and leather goods division in the third quarter was led by Dior. This unit also houses Louis Vuitton as well as Fendi, Celine and other fashion labels.

https://www.smh.com.au/business/companies/billionaire-arnault-taps-daughter-to-run-dior-amid-lvmh-shuffle-20230111-p5cby6.html?ref=rss&utm_medium=rss&utm_source=rss_business Billionaire Arnault hires daughter to head Dior amid LVMH shuffle

Brian Lowry

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