French billionaire Bernard Arnault’s eldest son, Antoine Arnault, has been appointed chief executive of Christian Dior SE holding company, which controls the world’s number one luxury goods company LVMH, in a new move aimed at strengthening family control over the cluster. Antoine Arnault, 45, has also been appointed vice president of the holding’s board of directors and replaces Sidney Toledano in these two functions, Christian Dior SE specifies in a press release published this Friday.
In July, the transformation of Agache, the family holding company overseen by Christian Dior SE, into a limited company, was announced as part of Bernard Arnault’s strategy to organize his succession. Agache would remain the sole property of the Arnault family, henceforth as sponsor. Sponsorship is recognized for its characteristics that facilitate transmission within a family business. It allows the management and ownership of capital to be dissociated and is also a deterrent against hostile takeover bids.
CEO of Berluti
Antoine Arnault also retains all his operational functions in the LVMH group (general manager of Berluti, president of Loro Piana, director of image and environment of the LVMH group, administrator of LVMH), he confirmed at the door – he spoke to AFP without giving further details. details. The former boss of Dior, Sidney Toledano, 71, had “announced his desire to leave the general management” of the holding company, according to the press release, in which Bernard Arnault and the board of directors of Christian Dio SE thank him for his ” great professionalism”.
Bernard Arnault’s children all occupy a place in the LVMH group. His eldest daughter, Delphine Arnault, is deputy CEO of Louis Vuitton and a member of LVMH’s board of directors and executive committee. Alexandre Arnault was recently appointed CEO of jewelry Tiffany & Co, acquired by LVMH in 2021, and Frédéric Arnault took over as CEO of Tag Heuer watchmaking in July 2020. His youngest son, Jean Arnault, became the year past in director of marketing and watchmaking. he developed for Louis Vuitton.
Source: BFM TV
