On January 11th, local time, LVMH Group announced that it would adjust the management of its two major brands, Dior and Louis Vuitton, which attracted the attention of the outside world. According to the announcement, Pietro Becarie, who has been in charge of Dior for the past four years, will succeed michael burke as the chairman and CEO of Louis Vuitton.
It is worth noting that Delphine Arnault, the 47-year-old daughter of Bernard Arnault, CEO of LVMH Group, was also promoted in this group management reorganization and was appointed as CEO of Dior.
According to the report, before the reorganization of the management of this group, in December last year, Antoine Arnault, Arnault’s eldest son, was just appointed as the head of the family holding company.
Le figaro called this personnel change "a large-scale high-level reorganization rare in LVMH". According to the Guardian, Arnault is strengthening his family’s control over the group. Many people in the fashion world think that there will be an "heir war" between Delphini Na and her younger brother Anthony, and other brothers and sisters may also join, because Arnault’s five children are currently working in the group. However, it may take some time for the heirs to take over the family business, because last year the group amended its articles of association to allow the CEO to run the company until he is 80 years old.
On December 14th, 2022, Bernard Arnault, the chairman of LVMH Group, officially surpassed Musk and became the richest man on Bloomberg Billionaires List with a value of $165 billion. This is the first time that he has topped the rich list.
The 73-year-old Arnault is the helm of the luxury goods giant LVMH Group, which owns 75 brands including Louis Vuitton, DIOR and Tiffany & Co., with a group valuation of US$ 170.8 billion. Paris-based LVMH achieved sales of 64 billion euros last year, a sharp rebound from the trough of the COVID-19 pandemic in 2020. Arnault and his family own about 48% of the company.