Billionaire owner of LVMH appoints daughter to run Dior
Arnault, 73, overtook Tesla founder Elon Musk as the world’s richest man last year
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.LVMH chairman and the world’s richest man, Bernard Arnault, has appointed his daughter Delphine to the top job at Christian Dior.
Arnault dethroned US entrepreneur and Tesla founder Elon Musk as the world’s richest man last year, with an estimated net worth of $188bn (£155bn).
Delphine is currently vice-president at Louis Vuitton, a role she has held for 13 years. Her new appointment will take effect from 1 February.
Her promotion is part of a management reshuffle at Europe’s most valuable luxury company, with the 47-year-old taking over as the fashion house’s chief executive from Pietro Beccari.
“Under Delphine’s leadership, the desirability of Louis Vuitton products advanced significantly, enabling the brand to regularly set new sales records,” Arnault announced Delphine’s new role at LVMH, as quoted by The Guardian.
“Her keen insights and incomparable experience will be decisive assets in driving the ongoing development of Christian Dior,” the 73-year-old added.
Meanwhile, Beccari will replace outgoing Louis Vuitton CEO Michael Burke, who will report directly to Arnault in a new, as-yet undisclosed role at LVMH.
“Both are well respected; logical promotions within the group,” Credit Suisse analyst Natasha Brilliant told Reuters.
Arnault’s decision to elevate Delphine to Dior CEO is the being seen as the latest in a series of moves to ensure control over LVMH remains within the family when he steps down.
Some analysts have predicted this new appointment could spark a succession battle between Delphine and her younger brother Antoine, after Arnault appointed the 45-year-old to run LVMH’s holding company last month.
Analyst at investment firm Bernstein, Luca Solca told The Guardian Arnault was creating a “Darwinian contest” to succeed him – prompting comparison to the Murdoch heirs or the fictitious Roy family at the centre of the hit TV show Succession.
In addition to Delphine and Antoine, from Arnault’s first marriage to Anna Dewavrin, the billionaire entrepreneur also shares three children with his second wife, Hélène Mercier.
All three of them have been given responsibilities within Arnault’s empire, comprising brands such as Fendi, Stella McCartney, Marc Jacobs, Sephora and Bulgari.
Alexandre Arnault, 30, is responsible for products and communications at Tiffany’s. Frédéric, 28, is a chief executive at luxury watch makerTAG Heuer.
Arnault’s youngest son Jean, 24, heads marketing and product development at Louis Vuitton’s watches division.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments