Bernard Arnault, CEO of LVMH, during the group’s general meeting in Paris, April 18, 2024 (AFP/Miguel MEDINA)
The Arnault family present on the board of directors of the LVMH group expanded on Thursday with the entry of Bernard Arnault’s two sons, Alexandre, 31, and Frédéric, 29, who join their two elders, Delphine and Antoine, at the following a vote of the general assembly.
Alexandre, executive vice-president of Tiffany after having worked at the trunk maker Rimowa, received 93.41% of the votes and Frédéric, who joined Tag Heuer in 2017 to manage the connected watch activities, before being named CEO of the mark in 2020, 93.43% of votes.
The Arnault family group holds 48.6% of the capital of LVMH and 64.3% of the votes. “I have the majority of votes, so…” laughed Bernard Arnault a little before the votes.
Delphine, 49, and Antoine, 46, born from a first marriage, are also members of the board of directors of LVMH. The mandate of Antoine Arnault was renewed with 92.57% of the votes.
Jean, the last of five siblings, remains the only one not on the board of directors. “He has time, he is young,” Bernard Arnault, 75, declared in January.
Antoine Arnault, president of the Italian luxury brand Loro Piana and the shoemaker Berluti, during the group’s general meeting in Paris, April 18, 2024 (AFP/Miguel MEDINA)
Bernard Arnault’s five children now work for the world’s number one luxury company.
Delphine is CEO of Dior. Antoine recently left the position of general director of Berluti, retaining only the presidency.
He is also chairman of Loro Piana, general manager and vice-chairman of the board of directors of the Christian Dior SE holding company which controls LVMH and responsible for the image and environment of the LVMH group.
During this general meeting, Henri de Castries, 69, the former CEO of the insurer Axa and current president of the Institut Montaigne, was also appointed to the board of directors with 99.94% of votes.
– “China will succeed in relaunching the economy” –
Charles de Croisset and Yves-Thibault de Silguy are leaving the council, after having served there for 15 years, as well as Nicolas Bazire, “faithful for 25 years”.
It will also be proposed to the board of directors to co-opt Wei Sun Christianson as director to succeed Toni Belloni, number two of the group who announced her departure at the end of March but will remain responsible for supervising the activities of LVMH in Italy.
Delphine Arnault (2nd d) and Antoine Arnault (d), during the general meeting of the LVMH group in Paris, April 18, 2024 (AFP/Miguel MEDINA)
“We have been a very good team for 23 years,” declared Bernard Arnault.
Wei Sun Christianson, from the American investment bank Morgan Stanley, is “a great expert on business in China, she is of Chinese origin”, underlined Bernard Arnault.
“And as the group is very established in China, it is always important to have precise views on what is happening in this very large market. She will make a remarkable and key contribution to our board of directors,” he said. -he says.
On Wednesday, LVMH announced a turnover of 20.7 billion euros for the first quarter of 2024, down 2% year-on-year, suffering from an unfavorable comparison compared to 2023 and in particular from a slowdown in Chinese consumption.
“I hope that economic tensions will ease and that we will be able to continue sustained economic collaboration with China,” Bernard Arnault told the press after the general meeting. “I think China will succeed in reviving the economy,” he added.
Bernard Arnault also mentioned the new Vuitton boutique which is to open on the Champs-Elysées in a building that the brand has occupied for years, purchased last year, and “in which there are still certain elements to be defined”.
“I read everywhere that there will be a hotel, I am not completely convinced personally,” declared the CEO of LVMH. “There are already a lot of hotels in Paris, there is the Cheval Blanc, the Bulgari” (owned by LVMH, Editor’s note), he said.
During the general meeting, the group also announced the launch of an employee shareholding plan “by the end of the year”, according to Bernard Arnault. “Everything is complicated in France but I think we will get there,” he said.
© 2024 AFP
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