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Delphine Arnault, daughter of the richest man in the world, takes over Dior

2023-01-11T23:07:56.530Z


The LVHM group is also restructuring the board of directors of Louis Vuitton, its other flagship brand


Delphine Arnault (Paris, 47 years old), daughter of the tycoon owner of the LVHM group and the world's richest man, Bernard Arnault, will assume the direction of Christian Dior Couture, the group's second largest fashion firm, in February.

In addition, in a double statement issued this Wednesday, the world luxury giant has also announced a change in the direction of the Louis Vuitton firm: the until now director of Dior, Pietro Beccari, will replace Michael Burke in the direction of the largest firm. from the French group.

Bernard Arnault has highlighted in the statement the "formidable work" of Michael Burke at the head of Louis Vuitton, which has allowed the brand to "extend the margin with its competition".

The French tycoon has also highlighted the role of his daughter as number two of the firm, which has allowed him to "go from record to record".

“His keen eye and his incomparable experience will be decisive assets in continuing the development of Christian Dior,” he declared.

Arnault, 73, has been married twice and has five children, who all work in the group: Antoine (45 years old) was appointed CEO and vice-chairman of the board of directors of the Christian Dior SE holding company in December last year and holds other managerial positions in different firms of the group, such as Fendi.

Alexandre (30) is the executive vice president of Tiffany, the luxury jeweler.

Fréderic (27) runs the Tag Heuer watch brand, and Jean (24) is the director of marketing and watch development for Louis Vuitton.

More information

The empire of luxury, a great family business

Late last year, Bernard Arnault overtook Elon Musk as the world's richest person.

The empire that he leads includes some 70 fashion, beverage and cosmetic brands.

His are Louis Vuitton, Christian Dior, Loewe, Sephora, Bulgari, Moët & Chandon or Tiffany, which bring huge benefits to the family, with an estimated fortune of 188,000 million dollars (around 177,000 million euros), according to Forbes magazine.

Since, in 1984, it took control of the Boussac group, the former owner of Dior, which was then on the verge of bankruptcy, it has not stopped acquiring luxury brands, multiplying the value of the LVMH group by 15. In November In 2017, the Frenchman was involved in the so-called

paradise papers

, a set of documents linked to investments in tax havens.

The announcement of the appointments has been well received by investors.

The shares of the group, which is the largest listed company in France, appreciated 1.19% early this Wednesday.

Less than an hour before the markets close, they rise 2.31%.

The luxury giant's share price has hit an all-time high.

Source: elparis

All business articles on 2023-01-11

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