Bernard Arnault, the head of the LVMH luxury goods conglomerate, disclosed on Wednesday that he has proposed the appointment of two more of his children to the company's board, a move to solidify his family's grip on Europe's most valuable firm.
Bernard Arnault's Family Control at LVMH
Pending approval from a 15-member board, The Straits Times reported that these appointments effectively establish four of Bernard Arnault's five children as the primary decision-makers within the company.
This move aligns with Arnault's longstanding succession plan, which aims to secure LVMH's legacy for the next generation. Arnault unveiled these nominations alongside the presentation of LVMH's 2023 financial results.
The company achieved a notable 9% surge in annual sales, reaching €86.2 billion (S$125 billion) despite the economic headwinds in key markets such as Europe, China, and the U.S.
The net profit also increased by 8% to €15.2 billion, marking a record for the company. The surge in sales was attributed to clothing, leather goods, perfumes, cosmetics, watches, and jewelry.
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Nominated Sons of LVMH Head Bernard Arnault
Bernard Arnault's nominated sons are Alexandre Arnault, 31, currently serving as the Executive Vice President of Product and Communications at Tiffany & Co., and Frederic Arnault, 29, the Chief Executive Officer of Tag Heuer.
They would join two elder siblings: Delphine Arnault, 48, who currently chairs and serves as CEO of Christian Dior Couture, and Antoine Arnault, 46, overseeing various LVMH brands while leading the group's image and sustainability initiatives.
On the other hand, the youngest sibling, Jean Arnault, 25, is the director of the Louis Vuitton's watchmaking division.
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