Alain Chevalier, co-founder of LVMH, dies aged 87

Alain Chevalier, one of the founders of French luxury giant LVMH, passed away at his home in Megève, France, on Thursday, aged 87. The news was reported by French newspaper le Figaro.

A statement released on Sunday by the Élysée Palace, the official residence of French president Emmanuel Macron, said: “He has put his intelligence and talent in the service of the industry, contributing his vision and his determination to install France in first place in the field of luxury.”

The Algerian-born businessman became CEO of Moët Hennessy in 1987, while Henri Racamier was president of Louis Vuitton. The two companies were later merged with the help of Bernard Arnault to create luxury giant LVMH.

Chevalier’s funeral will be held on Wednesday at the Basilica Sainte-Clotilde in Paris, says his family.