Bernard Arnault, the world’s richest man, has assigned his daughter Delphine Arnault as the new head of fashion house Dior.
The move is part of a reshuffle at LVMH, Europe’s most valuable company that owns a portfolio of high-end brands including Fendi and Louis Vuitton, and is worth about £336 billion.
Delphine Arnault, 47, will replace Pietro Beccari, who will move to replace long-time Louis Vuitton CEO Michael Burke.
Credit Suisse analyst Natasha Brilliant said the changes are “logical promotions within the group” as both Delphine Arnault and Pietro Beccari are “well respected” in the industry.
This move also highlights the Arnault family’s commitment to keeping their business within the family, as all five of Bernard Arnault’s children hold management positions at brands in the LVMH group.
The reshuffle comes just after the recent appointment of Antoine Arnault, Bernard Arnault’s eldest son, as the head of the family’s holding company.
Alexandre Arnault, the second son, is handling products and communication at Tiffany, while Frederic Arnault, the third son, is the CEO of another group brand, Tag Heuer. The youngest child, Jean Arnault, serves as the head of marketing and product development for Louis Vuitton’s watches division.
These changes will come into effect in February, and it will be thrilling to see how Delphine Arnault leads Dior and how the reshuffle will affect the LVMH group.
The Arnault family has a proven track record of successfully leading their brands and it is likely that these changes will bring even more success to the company.
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In a move that highlights the importance of succession planning in the luxury fashion industry, LVMH – the parent company of brands such as Louis Vuitton and Moet and Chandon – has announced that Delphine Arnault, the daughter of billionaire chairman Bernard Arnault, will take over as CEO of fashion house Christian Dior.
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.
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.
The Richest Man in the World
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.
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