LVMH, the world’s largest luxury group, is set to strengthen its family control by proposing two more sons of its CEO Bernard Arnault, Alexandre and Frédéric, as board members at its next annual meeting in April. The move comes as the group prepares for the future succession of the 74-year-old billionaire, who has led the group since 1989.
Alexandre and Frédéric Arnault: Rising stars in the luxury industry
Alexandre, 31, and Frédéric, 29, are the youngest sons of Bernard Arnault from his second marriage to Hélène Mercier, a Canadian pianist. They both have impressive careers in the luxury industry, having worked for some of the group’s most prestigious brands.
Alexandre joined LVMH in 2016 as the co-CEO of Rimowa, a German luggage maker that the group acquired for 640 million euros. He revamped the brand’s image, products and distribution, and collaborated with celebrities and designers such as Virgil Abloh and Dior. In 2022, he became the executive vice-president of product and communications at Tiffany & Co, the US jeweller that LVMH bought for 15.8 billion dollars after a legal dispute.
Frédéric started his career at McKinsey, a consulting firm, before joining LVMH in 2018 as the director of strategy at Tag Heuer, a Swiss watchmaker. He was promoted to CEO of the brand in 2020, becoming the youngest CEO in the group’s history. He also oversees the group’s watch division, which includes Hublot and Zenith.
Alexandre and Frédéric Arnault: Joining their siblings on the board
Alexandre and Frédéric will join their older siblings Delphine, 48, and Antoine, 46, on the board of LVMH, which consists of 20 members, including 10 independent directors. Delphine and Antoine are also key figures in the group, holding senior positions in some of its core businesses.
Delphine is the CEO of Christian Dior Couture, the group’s second-largest brand after Louis Vuitton, and a member of the executive committee. She joined LVMH in 2000 and has worked for brands such as Loewe, Celine and Emilio Pucci. She is also the president of the LVMH Prize, an annual award for young fashion designers.
Antoine is the CEO of Christian Dior SE, the family holding company that controls 47.5% of LVMH’s shares and 63.2% of its voting rights. He is also the head of image and environment for the group, and the CEO of Berluti, a luxury menswear brand, and Loro Piana, a cashmere specialist. He joined LVMH in 2002 and has worked for brands such as Louis Vuitton and Fendi.
The fifth child of Bernard Arnault, Jean, 25, is not yet on the board, but he is also involved in the group’s activities. He is the director of marketing and development for Louis Vuitton’s watch division, and he has invested in startups such as Rimac, a Croatian electric car maker, and Lyst, a fashion e-commerce platform.
Alexandre and Frédéric Arnault: Preparing for the future succession
The nomination of Alexandre and Frédéric as board members is seen as a sign of Bernard Arnault’s intention to prepare for his future succession, as he will turn 75 in March. The billionaire, who is the third-richest person in the world according to Forbes, has not publicly announced his plans, but he has raised the age limit for the CEO role to 80 in 2022, extending his potential tenure.
Bernard Arnault has said that he wants LVMH to remain a family-owned group, and that he trusts his children to continue his legacy. “I am delighted to welcome Alexandre and Frédéric to the board. I am convinced that they will bring valuable insights to the board,” he said in a press release.
The appointment of Alexandre and Frédéric will also replace three outgoing board members, Charles de Croisset, Yves-Thibault de Silguy and Nicolas Bazire, who have decided to step down. LVMH will also propose Henri de Castries, the former CEO of AXA and the current chairman of the Institut Montaigne, a think tank, as a new independent director.
