Bernard Arnault Moves to Tighten the Family's Hold on LVMH by Nominating 2 More Sons to Company's Board

By Jace Dela Cruz

Jan 26, 2024 02:20 AM EST

Bernard Arnault, the head of the LVMH luxury goods conglomerate, disclosed on Wednesday that he has proposed the appointment of two more of his children to the company's board, a move to solidify his family's grip on Europe's most valuable firm. 

(Photo : JULIEN DE ROSA/AFP via Getty Images)
CEO of LVMH Holding Company, Antoine Arnault (L), World's top luxury group LVMH head Bernard Arnault (C) and the President of the Paris 2024 Organising Committee Tony Estanguet pose during a meeting after LVMH was named as final premium sponsor of 2024 Paris Olympics, in Paris on July 24, 2023.

Bernard Arnault's Family Control at LVMH

Pending approval from a 15-member board, The Straits Times reported that these appointments effectively establish four of Bernard Arnault's five children as the primary decision-makers within the company. 

This move aligns with Arnault's longstanding succession plan, which aims to secure LVMH's legacy for the next generation. Arnault unveiled these nominations alongside the presentation of LVMH's 2023 financial results. 

The company achieved a notable 9% surge in annual sales, reaching €86.2 billion (S$125 billion) despite the economic headwinds in key markets such as Europe, China, and the U.S.

The net profit also increased by 8% to €15.2 billion, marking a record for the company. The surge in sales was attributed to clothing, leather goods, perfumes, cosmetics, watches, and jewelry.

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Nominated Sons of LVMH Head Bernard Arnault

Bernard Arnault's nominated sons are Alexandre Arnault, 31, currently serving as the Executive Vice President of Product and Communications at Tiffany & Co., and Frederic Arnault, 29, the Chief Executive Officer of Tag Heuer.  

They would join two elder siblings: Delphine Arnault, 48, who currently chairs and serves as CEO of Christian Dior Couture, and Antoine Arnault, 46, overseeing various LVMH brands while leading the group's image and sustainability initiatives.

On the other hand, the youngest sibling, Jean Arnault, 25, is the director of the Louis Vuitton's watchmaking division.

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