Bernard Arnault, the world’s richest man and CEO of LVMH, has solidified his family’s control over the French luxury goods company by appointing his two sons to the board. The shareholder vote saw Alexandre, 31, and Frédéric, 29, receive over 93% of the votes. With their addition to the board, four of Bernard’s five children now hold positions on LVMH’s executive team.
The Arnault family is known for its influence within LVMH and currently holds a significant portion of its capital and voting rights. Their impact on the company is evident in its recent expansion into China, where they have established a strong presence through brands such as Dior and Louis Vuitton.
Bernard emphasized the importance of understanding China’s market dynamics during the shareholder meeting. He recognized that Wei Sun Christianson from Morgan Stanley would be an asset to LVMH in navigating this complex market. Christianson brings expertise on business strategies in China, which will be valuable in developing new opportunities for LVMH in this region.
Despite being appointed to the board at a young age, Alexandre and Frédéric have already shown their ability to lead within LVMH. Alexandre serves as Tiffany’s executive vice-president while Frédéric is CEO of Tag Heuer. Their leadership skills will be instrumental in driving growth for LVMH moving forward.
With Delphine and Antoine already holding board positions at LVMH and Jean still waiting his turn, it is clear that the family remains committed to maintaining their influence within this iconic French luxury brand.
