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The head of LVMH and the richest man in the world, Bernard Arnault, named his daughter Delphine Arnault to lead the fashion business Dior.
According to the BBC on Thursday, as part of a reorganization at LVMH, Europe's most valuable firm, Arnault moved his 47-year-old daughter to the new position.The corporation, which is valued at nearly £336 billion, controls a portfolio of luxury brands, including Fendi and Louis Vuitton.Michael Burke, the longtime CEO of Louis Vuitton, will be replaced by Pietro Beccari, the departing leader of Dior
Both Arnault and Beccari “are well respected”, so these are “logical promotions within the group,” said Credit Suisse analyst Natasha Brilliant.
BBC said all five of Arnault’s children hold management positions at brands in the group.
The changes, which come into effect in February, follow the recent appointment of Antoine Arnault, the eldest son, to head the family’s holding company.
The youngest child, Jean Arnault, 24, overseas marketing and product development for Louis Vuitton’s watches division.
Arnault’s companies sell goods including luxury suitcases by Louis Vuitton and Moet and Chandon champagne.
“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.
Christian Dior is the brand of LVMH that sells only shoes and clothing that can only be bought in Dior stores.
Christian Dior’s catwalk presentations in Paris are attended by global celebrities including K-pop star Jisoo and singer Rihanna, drawing enthusiastic crowds of fans.
Arnault overtook Elon Musk in December 2022 to become the world’s richest man.
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