Updated January 22nd, 2024 at 20:58 IST
Louis Vuitton's Bernard Arnault to propose sons Alexandre and Frederic for company's board: Report
The formal board nominations will be put forward for a vote at LVMH's annual general meeting scheduled for April.
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LVMH succession plans: Bernard Arnault, the French billionaire and founder of the luxury conglomerate LVMH, is set to nominate his sons, Alexandre (31) and Frederic (29), to join the company's board, Bloomberg reported quoting sources. The announcement, expected this week, aligns with Arnault's ongoing efforts to groom his children for potential roles in leading the renowned luxury empire.
The formal board nominations will be put forward for a vote at LVMH's annual general meeting scheduled for April, according to the report. While details remain undisclosed, the move underscores the influential role the Arnault family continues to play in steering LVMH's strategic decisions, holding approximately 48 per cent of LVMH shares and nearly 64 per cent of voting rights.
Bernard Arnault, ranked as the world's second-wealthiest person with a net worth of $179 billlion, according to Forbes Real-Time Billionaires List, has been actively involving his children in various capacities within the company as part of a comprehensive succession plan.
All five of Arnault's children are already contributing to the firm. Delphine (48), the CEO of Christian Dior Couture, holds a pivotal position on LVMH's executive committee. Antoine Arnault (46) manages LVMH’s image and communications, serves as a non-executive chairman of Loro Piana, and is the vice chairman and CEO of Christian Dior SE, the holding company controlling LVMH.
Arnault's three youngest sons from his second marriage are also making significant contributions to the luxury conglomerate. Alexandre has been overseeing product and communications at Tiffany & Co. for the past three years, while Frederic manages the group’s watch unit, which includes renowned labels such as Hublot, Tag Heuer, and Zenith. Jean (25) is responsible for developing Louis Vuitton’s watch category.
In 2022, Arnault raised the age limit for his own CEO role to 80, indicating a strategic vision for continuity. Last week, LVMH announced the departure of Sidney Toledano (72), a close lieutenant of Arnault, from the executive committee. The proposed additions of Alexandre and Frederic to the board signal a forward-looking approach to leadership and a continuation of family influence in the luxury giant's trajectory.
Published January 22nd, 2024 at 20:48 IST