Succession planning at the world’s largest luxury group has been underway for years, but owner Bernard Arnault has taken sensible steps to ensure continuity, profitability and longevity at LVMH.
The 74-year-old business titan recently appointed his eldest daughter to oversee Christian Dior while his son Antoine is heading Agache, LVMH’s holding company. Each of Mr Arnault’s five children has equal stakes and commensurate roles within the Group.
When it comes to running the fashion division, Michael Burke, former CEO of Louis Vuitton, has emerged as a frontrunner according to a published news post by Miss Tweed, a Paris-based online news media specialised in the fashion and luxury goods sector. Mr Burke would replace Sidney Toledano, 71, who would become an adviser to Mr Arnault.
While LVMH have remained schtum regarding group succession announcements, there has been significant reshuffling at management level since the start of 2023, with Mr Burke leaving his post as CEO of Louis Vuitton earlier this year.
In April Mr Arnault became the world’s wealthiest person with a fortune estimated at 211 billion dollars, according to Forbes.