French billionaire Bernard Arnault names son Frederic as head of LVMH family holding group

French billionaire Bernard Arnault has appointed his son Frederic as head of 1 of the household retaining corporations controlling LVMH, the most up-tp-date in a series of promotions for the 29-year-feeble scion at some stage within the arena’s greatest luxurious community.

The fourth of Arnault’s 5 young folks, Frederic will change Nicolas Bazire as managing director of Financiere Agache, the firm said on Thursday (Jun 6). The Arnault household owns Forty eight per cent of LVMH’s capital and 64 per cent of its vote casting rights. The Paris-listed community owns manufacturers including Louis Vuitton, Dior and US jeweller Tiffany.

A graduate of top engineering college Ecole Polytechnique esteem his father, Frederic became once now not too long ago named chief executive of LVMH Watches, after a stint as chief executive of Swiss watchmaker TAG Heuer. He and his 32-year-feeble brother Alexandre were appointed to the LVMH board in April, joining older siblings Delphine and Antoine. Shares rose 1.34 per cent on Thursday, giving LVMH a market charge of €381.46 billion (US$411.02 billion; S$555.95 billion).

All modifications within the roles of the 5 Arnault young folks, who all dangle roles at some stage within the LVMH, are scrutinised for signs of who would maybe well per chance furthermore one day succeed the community’s 75-year-feeble patriarch.

Bernard Arnault has insisted that he has no intention of stepping abet any time soon nonetheless, and the community two years ago increased the age limit for the chief executive role at LVMH to 80. However the French billionaire is in moderation laying the groundwork for succession on the firm by inserting his young folks in key positions — a job that has increased in tempo for the explanation that launch up of 2023. He now not too long ago reshuffled his top exterior managers in say to jam up a generational handoff among senior executives that work alongside the household.

Delphine Arnault, 49, became once appointed chief executive of Dior — the community’s 2nd-greatest impress by gross sales after Louis Vuitton — on the starting up up of 2023, and sits on LVMH’s executive committee.

Antoine, 47, is responsible of image and sustainability on the community, and became once furthermore named chief executive of Christian Dior SE — one other household retaining firm above LVMH — on the terminate of 2022.

Alexandre is a senior executive at jeweller Tiffany & Co, which LVMH got for roughly US$16 billion (S$21.64 billion) in 2020. Jean, 25, runs watchmaking at Louis Vuitton.

Originate air the household, the community’s managing director Antonio Belloni, 69, stepped down after 23 years as Bernard Arnault’s factual hand in April, modified by Stephane Bianchi, formerly LVMH’s head of watches and jewellery, who’s a worn of household succession at French cosmetics community Yves Rocher.

Adrienne Klasa © 2024 The Financial Times

This memoir first regarded in The Financial Times