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LVMH names new Louis Vuitton CEO, puts Bernard Arnault’s daughter in charge of Dior
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An LVMH logo at a conference at the Porte de Versailles exhibition centre, in Paris, on June 15, 2022.BENOIT TESSIER/Reuters
LVMH Chairman and CEO Bernard Arnault has reshuffled top management at his luxury goods empire, tightening his family’s grip with the appointment of his daughter Delphine to lead Christian Dior, and naming a new boss for Louis Vuitton.
Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, 65.
“Both are well respected; logical promotions within the group,” said Credit Suisse analyst Natasha Brilliant.
Shares in LVMH, Europe’s most valuable company at about €380-billion ($549-billion), rose as much as 2 per cent to hit new highs. Shares in luxury companies have been boosted recently by the easing of COVID-19 restrictions in China, a key market.
Delphine Arnault, 47, has worked at Louis Vuitton for the past decade alongside Mr. Burke and previously spent a dozen years at Dior.
Mr. Burke, who is Bernard Arnault’s longest-serving lieutenant and has also been chairman of jewellery label Tiffany, will continue to work alongside the Arnault senior, the company said in a statement, without detailing his new role.
One of the fashion industry’s most influential executives, Mr. Burke oversaw soaring growth at Louis Vuitton, the world’s largest luxury label, playing a key role for example in elevating street styles to the realm of luxury in recent years.
Mr. Beccari, meanwhile, who also previously led LVMH-owned label Fendi, increased sales at Christian Dior threefold to €6.6-billion ($9.5-billion) during his tenure, according to estimates from Citi. LVMH does not provide a breakdown of annual sales of its brands.
Mr. Beccari pushed the label into new products, including beach accessories such as surfboards and hammocks, bringing them closer to clients by setting up temporary retail outlets in resort locations including Mykonos, Greece, and Santa Barbara, Calif.
The executive steered a massive overhaul of the label’s historic Avenue Montaigne address in Paris, transforming it into a hulking flagship with restaurants and a museum, reviving foot traffic in the neighbourhood.
Dior catwalk presentations in Paris, which are attended by global stars such as K-pop singer Jisoo and Rihanna, draw crowds of screaming fans, and the brand lit up social networks with a show from men’s wear designer Kim Jones in Egypt last month, with the pyramids serving as a backdrop.
Bernard Arnault is often spotted in the front row, flanked by his children.
“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, analyst with Citi.
The announced changes, which come into effect in February, follow the recent appointment of Antoine Arnault, Bernard Arnault’s eldest son, to head the family’s holding company.
The tightening of the family’s hold on its empire also comes amid a wave of high-profile successions in other fashion companies in Europe, including at Prada and Zara owner Inditex.
Bernard Arnault, 73, has shown no signs he plans to step down soon and the company last year raised the maximum age of its CEO to 80 from 75.
All of his children hold management positions at brands in the group, carefully groomed by senior executives as they move up the ranks.
Of the five, Delpine Arnault has been most involved in fashion, as head of the group’s fashion prize for upcoming designers.
Delphine and Antoine, 45, are children from their father’s first marriage.
Alexandre Arnault, 30, is in charge of products and communication at Tiffany, while Frederic Arnault, 28, is CEO of another group brand, TAG Heuer. The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton’s watches division.
As part of the management changes, the company is also folding Tiffany into the watches and jewellery division, under management of Stephane Bianchi.
I recently watched “ the greatest film of all time ,” and the most boring one. In retrospect, the title alone should have been a sufficient warning: Jeanne Dielman, 23 Quai du Commerce, 1080 Bruxelles . Alas, I’m old enough to be a bit nostalgic about massive telephone address books. And massive it is. Clocking over 200 minutes, Chantal Akerman's 1975 dreary drama follows three days in the monotonous routine of Jeanne, a widow, a mother, and a prostitute. I watched Jeanne’s autopilot existence, until, staring at her back as she washes dishes, I decided to fast-forward a couple of minutes, only to discover she was still at it. And Jeanne is equally thorough when she’s busy baking, cleaning, folding laundry, or shining her son’s shoes. She speaks so scarcely and mechanically, that it’s impossible to detect any emotion or volition beyond her carefully controlled chores . Watching Jeanne Dielman is what the word “painstaking” was invented for. Chantal...
Stored procedures: like functions for your SQL. A stored procedure is a batch of SQL statements created and stored on a database. You can reuse a stored procedure over and over again. A stored procedure can accept parameters, run a query, and return results. Many users can call a stored procedure and different applications can call it with different parameter values. What Are the Benefits of Using Stored Procedures? Apart from allowing multiple users and applications to reuse it, a stored procedure has other benefits. It is easy to modify. You can change a stored procedure when necessary and these updates will be reflected for all users. Furthermore, you don’t need to redeploy your application when you modify the stored procedure. It reduces network traffic because the server only passes the procedure’s name over the network and not the entire query. It improves database security since users don’t have direct access to tables. To make...
Believe it or not, a Christmas tree won't stay upright on its own. Instead, you need a stable Christmas tree stand that can accommodate the type and size of tree you have. We researched dozens of the best Christmas tree stands to help you find the right one for your needs, whether you have a real tree, an artificial tree, a small tree, or a behemoth. The stands in our guide have a track record of durability, performance, and easy setup. We also outline the size and type of tree each stand is meant for. Check out our guide to the best Christmas tree skirts once you've chosen the right stand for your tree. The best Christmas tree stands in 2022 Best Christmas tree stand overall: Krinner Tree Genie Christmas Tree Stand, available at Amazon, $82.79 The German-engineered Krinner Tree Genie Christmas Tree Stand is easy to set up in a couple of minutes and keeps trees up to 12 f...
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