The wealthiest man on earth, Bernard Arnault, has put his daughter in charge of the Dior fashion firm.
When Mr. Arnault reorganized LVMH, Europe’s most valuable firm, he elevated his 47-year-old daughter, Delphine Arnault.
It is estimated to be valued at over £336bn due to its ownership of a portfolio of high-end brands such as Fendi and Louis Vuitton.
Pietro Beccari, the current head of Dior who will soon be stepping down, will take over for Michael Burke at Louis Vuitton.
According to Credit Suisse analyst Natasha Brilliant, “both Ms. Arnault and Mr. Beccari are widely respected,” making their promotions “natural promotions inside the group.”
Five of Mr. Arnault’s children are now in positions of leadership within Groupe Arnault’s many brands.
Antoine Arnault, Bernard Arnault’s eldest son, was just named CEO of the family holding firm, prompting the upcoming changes in February.
While his brother Frederic Arnault, 28, serves as CEO of another group company, Tag Heuer, Alexandre Arnault, 30, oversees Tiffany’s goods and communications.
Jean Arnault, Louis Vuitton’s youngest child, is in charge of marketing and new product development for watches. He is 24 years old.
Some of the products marketed by Mr. Arnault’s businesses include high-end luggage by Louis Vuitton and champagne by Moet & Chandon.
Citi analyst Thomas Chauvet said that “succession planning in strategic roles has been important to the success of LVMH’s core brands over the past 20 years,” thus the changes being implemented today are noteworthy.
Attendees at Christian Dior’s Paris catwalk displays include K-pop artist Jisoo and singer Rihanna, who both draw large, adoring throngs of admirers.
After working for LVMH as executive vice president for Louis Vuitton since 2013, Delphine Arnault has decided to step down.
The company’s revenues at Louis Vuitton increased under Ms. Arnault’s direction, LVMH reported.
Other big fashion corporations have implemented succession plans along similar lines in recent years.
In 2021, the daughter of Inditex’s founder will take over as the company’s chairperson. Inditex is a high-street apparel behemoth whose brands include Zara and Massimo Dutti. On that day, Marta Ortega was 37 years old.
Fashion brand Prada’s current CEO, Patrizio Bertelli, has stated his intention to pass the reins to his son Lorenzo within the next two years.
In December 2022, Bernard Arnault passed Elon Musk to become the wealthiest person on the planet.