World's richest man Bernard Arnault appoints daughter Delphine as head of LVMH's Dior

The world's richest man, Bernard Arnault appointed his daughter, Delphine Arnault, as the head of the fashion house Dior, reported BBC. The 47-year-old has been promoted as a part of the reshuffle at luxury goods company, LVMH which is the most valuable company in Europe.

LVMH owns luxury brands such as Fendi and Louis Vuitton. Pietro Beccari, who would be relieved as the head of the Dior, would replace Michael Burke, chief executive of Louis Vuitton (worth around £336bn) who has been heading the luxury brand for quite a long time now. Credit Suisse analyst Natasha Brilliant said that both, Arnault and Beccari, have been "well respected" and categorised these promotions as "logical" that have been set in motion within the group.

Delphine Arnault at Louis Vuitton

After the announcement of the reshuffle, Delphine Arnault would leave her position as executive vice president for Louis Vuitton, which she has been heading since 2013. According to LVMH, under Delphine Arnault's leadership period, Louis Vuitton witnessed new sales records. 

"Succession planning in strategic roles has been instrumental to the success of LVMH's key brands over the past 20 years, hence today's moves are significant," said Thomas Chauvet, an analyst at Citi, as per BBC reports . 

All five children of the world's richest man, Bernard Arnault, have been holding management positions at brands in the group. The reshuffling of the positions would come into effect in the month of February 2023, which is as follows:

• Antoine Arnault, Bernard Arnault's eldest son, would head the family's holding company.
• 30-year-old, Alexandre Arnault has been in charge of the products and communication at Tiffany.
• 28-year-old, Frederic Arnault has been holding the position of chief executive in Tag Heuer.
• The youngest child, Jean Arnault has been heading marketing and product development for Louis Vuitton's watches division.