Every good monarch has only one obsession: to maintain his dynasty. This is the case of the crowned bosses and the captains of industry. Like Bernard Arnault, capo of the giant LVMH, who methodically prepares his five children and in particular his eldest son to take over his luxury empire.
Antoine Arnault was named as CEO this Friday of the Christian Dior SE holding, which controls the world number one in luxury. The 45-year-old was also named vice chairman of the holding company’s board of directors. Two eminently strategic and financial functions.
In addition to his new titles, he retains all his other operational roles within the LVMH group (CEO of Berluti, president of Loro Piana, director of Image and Environment of the LVMH group, director of LVMH), a spokesperson confirmed to AFP.
Sponsorship
Dior SE is the historic company, the one that was originally instrumental in building the empire. It is listed and owns 41% of LVMH shares and 56% of the voting rights.
Which clarifies the sequence more. Already last July, Bernard Arnault had modified the statutes of the Agache company that oversees the entire group. He had spent it in a limited company, which allows dissociating the management and ownership of the capital, capital that is now held equally by the five children of Bernard Arnault.
Sponsorship is best known for its features that facilitate transmission within a family business.
“This election (is) intended to ensure the long-term sustainability of family control over the companies Christian Dior SE and LVMH Moët Hennessy – Louis Vuitton SE,” confirms the group’s press release.
The businessman’s five children already work in the LVMH group. Delphine Arnault, 47, is deputy CEO of Louis Vuitton. Alexandre, 30, is executive vice president of Tiffany. Frédéric, 27, CEO of Tag Heuer and Jean, 24, director of marketing and watch development at Louis Vuitton.
five children alike
It remains to be seen if the appointment of Antoine Arnault at this level is a sign that he will finally take the reins of the group. So far it is impossible to know which of the 5 children would take over.
“There is the participation of the five children in operational terms and then there is a role of government at the level of Agache and Christian Dior SE, there are two different issues. Guaranteeing family governance, the continuity of family control of the group, Bernard Arnault did it with Agache and Antoine will be able to participate in the board renewal at the COMEX level”, continues Arnaud Cadart.
If 73-year-old Bernard Arnault has not yet uttered the word “retirement”, these latest moves on the LVMH board show in any case that his succession is no longer taboo and that nothing is left to chance.
Source: BFM TV
