Bernard Arnault, the richest man in the world, has appointed his daughter, Delphine Arnault, as the new president of the fashion house Dior.
The move is a part of a reorganization at LVMH, the most valuable company in Europe, which is worth about £336 billion and owns a portfolio of high-end brands like Fendi and Louis Vuitton.
Delphine Arnault, 47, will succeed Pietro Beccari, who will replace Michael Burke, the longtime CEO of Louis Vuitton.
Credit Suisse analyst Natasha Brilliant says the change is a “logical promotion within the group” as Delphine Arnault and Pietro Beccari are “well-respected” in the industry. Said.
Given that all five of Bernard Arnault’s children work in management roles for LVMH group companies, this decision also demonstrates the Arnault family’s dedication to keeping their company within the family.
The personnel changes come on the heels of the recent appointment of Antoine Arnault, Bernard Arnault’s eldest son, as president of the family’s holding company.
His second son, Alexandre Arnault, oversees product and communications at Tiffany & Co., while his third son, Frédéric Arnault, is CEO of another group brand, TAG Heuer. The youngest son, Jean Arnault, heads marketing and product development for Louis Vuitton’s watch division.
It will be exciting to see how Delphine Arnault runs Dior once these changes take effect in February. It will also be interesting to see how the changes will impact the LVMH group.
The Arnault family has a proven track record of successfully running brands, and these changes may bring even more success to the company.
Delphine New CEO
LVMH, the parent company of brands such as Louis Vuitton and Moët & Chandon, has announced Delphine, daughter of billionaire chairman Bernard Arnault, in a move to highlight the importance of succession planning in the luxury fashion industry.
They announced that Arnault will succeed the fashion house as CEO.
The move comes as Delphine Arnault leaves her position as executive vice president for Louis Vuitton, a role she has held since 2013.
Louis Vuitton, under Delphine’s leadership, set new sales records, LVMH said. This succession plan is similar to others that have occurred at major fashion companies in recent years.
For example, in 2021, High Street fashion giant Inditex, which owns brands such as Zara and Massimo Dutti, appointed the founder’s daughter as its new chairwoman.
Marta Ortega was 37 at the time. Also, the boss of fashion house Prada, Patrizio Bertelli, recently announced that he expects to hand the reins of the company over to his son Lorenzo within the next two years.
This move is significant as succession planning in strategic roles has played a role to the success of LVMH’s crucial brands over the past 20 years, says Thomas Chauvet, an analyst at Citi.
It also comes at a time when Bernard Arnault overtook Elon Musk in December 2022 to become the world’s richest man.
Christian Dior’s catwalk presentations in Paris are attended by global celebrities such as K-pop star Jisoo and singer Rihanna, drawing enthusiastic crowds of fans. With Delphine Arnault at the helm, it is expected that the brand will continue to thrive and set new records.
Arnault Family Riches
Bernard Arnault, the French billionaire and chairman of luxury conglomerate LVMH, is known for his savvy business acumen and his ability to build and grow some of the world’s most successful luxury brands.
Born in Roubaix, France in 1949, Arnault began his career in the construction industry, working for his father’s company. In 1984, he acquired the luxury goods company Financiere Agache, which owned the brand Louis Vuitton, and merged it with Moet Hennessy to create LVMH.
Under Arnault’s leadership, the company has grown to become the largest luxury goods company in the world, with a portfolio that includes over 60 brands in fashion, leather goods, perfumes, and cosmetics, wines and spirits, and watches and jewelry.
Arnault is known for his skill to identify and acquire undervalued luxury brands and turn them into global powerhouses.
He has successfully acquired and integrated brands such as Bulgari, Fendi, and Bulgari into the LVMH portfolio. Arnault has also been instrumental in the development of LVMH’s flagship brand Louis Vuitton, which has become one of the most valuable luxury brands in the world.
World’s Richest Man
In addition to his work with LVMH, Arnault is also known for his philanthropy and cultural patronage. He and his family have donated millions of dollars to support the arts, education, and scientific research.
In 2017, Arnault announced the creation of the Arnault Family Foundation for the Arts, which will provide support for the preservation and restoration of cultural heritage sites and landmarks.
Arnault’s business acumen and his ability to identify and acquire undervalued luxury brands has made him one of the most successful and powerful figures in the luxury goods industry. With his leadership, LVMH has become the largest luxury goods company in the world, and Arnault has become one of the richest people in the world.
In recent years, Arnault overtook Elon Musk in December 2022 to become the world’s richest man.
Arnault’s success story and his unique approach to business and luxury are a subject of admiration and study for many entrepreneurs, business schools and management professionals around the world.
He is supposedly one of the most strategic thinkers and visionary leaders of our time.