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LVMH Moët Hennessy Louis Vuitton is a French conglomerate that specializes in the retail of luxury goods. Its brands are well-known around the world and right now a major leadership reshuffle is happening within its organization.
Bloomberg reported that billionaire Bernard Arnault’s son, Antoine, has stepped down as the chief executive officer of Berluti fashion company that sells leather goods and menswear.
He is the eldest son and will be succeded by Jean-Marc Mansvelt who is moving to Berluti from Chaumet, LVMH’s jewelry brand.
Antoine Arnault’s Departure from Berluti Sparks Questions on LVMH’s Succession
It was noted that Antoine is vacating his office as Berluti’s CEO amid the ongoing leadership reshuffle in the company. And while he is stepping down, he will remain as chairman of LVMH.
Experts in the industry think that the management revamp at LVMH may trigger renewed questions over succession at the company. This is because the world’s largest luxury group is being run by Bernard’s children and the eldest son is giving up his chief post at one of their brands.
Arnault Children Who May Succeed Their Father as LVMH Head
Currently, LVMH is still being headed by the 74-year Bernard Arnault and who is next in line to have his position is still being determined. His children hold top executive roles in the company and they are the 48-year-old eldest child, Delphine, who leads Dior; 31-year-old Alexandre Arnault, the head of product and communications at Tiffany & Co.; 29-year-old Frederic, the CEO of Tag Heuer; and the youngest child, 25-year-old Jean Arnault, who is responsible for developing Louis Vuitton’s watch segment.
As per Reuters, all of Bernard’s children’s roles in the company are considered crucial in the overall operation of LVMH. They are said to be being closely watched to spot any indication of who could become the CEO’s favorite and preference to succeed him although it appears that Bernard has no plans of stepping down yet despite his age.
In any case, Antoine is leaving Berluti after leading it for 12 years. The leadership changes are set to take effect on Jan. 1, 2024.
