Bernard Arnault has appointed his daughter, Delphine, to lead Dior, LVMH’s second-largest brand, as the 73-year-old billionaire continues to promote his sons to key positions in his luxury goods empire.
The move comes after his eldest son, Antoine Arnault, recently took on a larger role at the company, replacing Sidney Toledano as CEO and Vice President of Christian Dior, the holding company through which the family controls LVMH-Moët Hnancy Lowe. Vuitton.
The world’s richest man has given his sons more responsibilities across the group in recent years, raising questions about his succession, though there’s no indication he plans to step down anytime soon. Last year, LVMH raised the maximum CEO limit, which would allow the patriarch to remain at the helm until he turns 80.
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A larger role for Delphine Arnaud
Sanford C. Bernstein analyst Luca Solka says the update will give Delphine “more visibility to the (Dior) face.”
For the past decade, Delphine, 47, the eldest of Arnault’s five children, has held the position of executive vice president of Louis Vuitton, where she was responsible for overseeing all activities related to the brand’s products. In her new role at Dior, she will work closely with Charles Delabame, who is now the brand’s CEO.
The children from Bernard Arnault’s second marriage are also involved in the work for LVMH. Alexander ran the Products and Communications division of Tiffany for two years, Frederic managed the Swiss watch manufacturer Tag Heuer, and Jean developed the watch division of Louis Vuitton.
On Wednesday, Arnault also promoted Dior CEO Pietro Beccari to the helm of Louis Vuitton — the largest brand within LVMH — currently run by loyal assistant Michael Burke. According to today’s statement, Burke will continue to report to Arnaud and assume new responsibilities.
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Dior is spearheading the growth of its fashion and leather goods unit
The management reshuffle comes at a time when Dior and Louis Vuitton are thriving. While LVMH doesn’t break down the financial numbers by brand, Dior led the growth of the apparel and leather goods unit in the third quarter. This unit also includes “Louis Vuitton” as well as “Fendi”, “Celine” and other fashion brands.
In March, Beccari oversaw the reopening of 30 Montaigne, Dior’s flagship store in Paris, after more than two years of renovations. As of October, the store had attracted more than half a million visitors since it opened in March.
As part of the management change, Stefan Bianchi, President and CEO of the Watches and Jewelry Division, will take over Tiffany and Repossi.
