Bernard Arnault, the billionaire founder of LVMH Moet Hennessy Louis Vuitton SE, is set to nominate his two sons, Alexandre and Frederic Arnault, for positions on the company’s board. This move highlights the family’s increasing control over the luxury conglomerate. The official announcement of their nominations is expected this week, and a vote will take place at the annual general meeting in April.
At the age of 74, Arnault, who is the world’s third-wealthiest person with a fortune of approximately $161 billion, has been preparing his children to take on leadership roles within the company. All five of his children are currently employed at LVMH, but only Delphine, the CEO of Christian Dior Couture, holds a position on the executive committee. Antoine, responsible for the company’s image and communications, serves as a non-executive chairman of Loro Piana and is the vice chairman and CEO of Christian Dior SE.
Both Alexandre and Frederic, who are in their 30s, have been assuming significant responsibilities within LVMH. Alexandre has been managing product and communications at Tiffany & Co. for the past three years, while Frederic oversees the watch unit, which includes prestigious brands such as Hublot, Tag Heuer, and Zenith. Their younger brother, Jean, is involved in developing the watch category for Louis Vuitton.
Arnault’s decision to nominate his sons for board positions is part of his succession plan for the company. By gradually transferring responsibilities to his children, he is ensuring the long-term continuity of the luxury empire he founded. With the family’s ownership of about 48% of LVMH shares and nearly 64% of voting rights, their influence and control over the company are firmly established.
To further demonstrate his commitment to the company’s future, Arnault raised the age limit for the CEO role to 80 in 2022. This move signifies his intention to remain actively involved in LVMH’s operations for years to come. Last week, his close associate Sidney Toledano, 72, announced his departure from the executive committee. The appointments of Alexandre and Frederic to the board would not only signify the greater involvement of the younger generation in decision-making processes but also solidify the Arnault family’s position as the driving force behind the luxury conglomerate.
Useful links:
– LVMH Official Website
– LVMH Company History
