French luxury conglomerate and a fast-growing and profitable Fashion business in Europe, Moët Hennessy Louis Vuitton SE (LVMH), is making headlines for one of its biggest management shuffles. LVMH owner Bernard Arnault has tightened the family grip over the business after naming his only daughter, Delphine Arnault, as the Chairperson and Chief Executive Officer of Christian Dior Couture. This move came after Bernard Arnault appointed his son Antoine Arnault as the CEO of the family-holding company, Christian Dior SE, which holds a major stake at LVMH.
Delphine succeeded Pietro Beccari who led the label since 2018. Beccari has now been appointed as the Chairman and Chief Executive Officer of Louis Vuitton. This position earlier belonged to industry stalwart Michael Burke who will now assume new responsibilities, reporting directly to Bernard Arnault.
What makes Delphine Arnault a worthy contender for the job?
Delphine is no stranger to the luxury fashion market as she has been associated with LVMH for a long time. She aced her role as an Executive Vice President at Louis Vuitton after being appointed in 2013.
In a statement released by the company, Arnault said, “The appointment of Delphine Arnault is another milestone in a career journey in fashion and leather goods defined by excellence, first during 12 years at Christian Dior and then at Louis Vuitton for the past decade where she was number two with responsibility for all of the Maison’s product activities.”
He further added, “Under her leadership, the desirability of Louis Vuitton products advanced significantly, enabling the brand to regularly set new sales records. Her keen insights and incomparable experience will be decisive assets in driving the ongoing development of Christian Dior.”
Christian Dior Couture is LVMH’s second biggest fashion brand and hence this appointment holds a lot of significance in the Paris fashion circles.
Company shake-up at LVMH: How does this impact the global economy?
For the uninitiated, billionaire Bernard Arnault has emerged to be the richest man with a net worth of USD 203.7 billion (MYR 883.24 billion), surpassing Elon Musk, after the luxury fashion market saw a massive post-pandemic boom. LVMH shares rose by 1.9 percent on 11 January leading to 13 percent since the New Year began.
Market trends predict that the luxury fashion market is on a boom with no signs of slowing down.
(Main and featured image credit: Christophe Archambault/AFP)
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