by Mimosa Spencer and Dominique Vidalon
PARIS (Reuters) – Antoine Arnault, eldest son of billionaire and LVMH boss Bernard Arnault, was appointed on Friday to the post of managing director of Christian Dior SE, the holding company controlling the French luxury giant, in order to “sustain in the long term family control” over the two companies.
Antoine Arnault, who is 45, has also been appointed vice-chairman of the board of directors and replaces Sidney Toledano, 71, who “expressed his wish to leave the general management”, declared the house of directors. couture Christian Dior in a press release.
“This choice is part of the transformation of the Agache company into a partnership limited by shares which took place on December 6 and is intended to ensure the long-term sustainability of family control over the companies Christian Dior SE and LVMH Moët Hennessy – Louis Vuitton SE,” she said.
Christian Dior SE holds most of the Arnault family’s stake in the capital of LVMH, ie 41% of the capital and 56% of the voting rights.
In a notice published last July, the Autorité des marchés financiers (AMF) announced that the Arnault group, which controls the luxury giant LVMH, of which Christian Dior is one of the flagship brands, was planning the creation of a joint stock company variable-capital company, Agache Commandité, whose capital would be held equally by the five children of Bernard Arnault.
Antoine Arnault, who is 45, is the most prominent of them. Director of image and the environment within LVMH, he is also managing director of the shoe and leather goods manufacturer Berluti and president of the Loro Piana brand.
A graduate of business and management schools, he is also a member of the board of directors of LVMH, like his older sister Delphine, aged 47.
Alexandre Arnault, 30, holds senior positions at Tiffany, Frédéric Arnault, 27, is CEO of TAG Heuer and Jean Arnault, 24, is Director of Marketing and Watch Development for Louis Vuitton.
Bernard Arnault, who is 73, has not publicly named a successor to take over the luxury empire he built through acquisitions starting with Christian Dior.
The fashion house was integrated into LVMH in 2017.
(Written by Jean-Stéphane Brosse, edited by Blandine Hénault and Kate Entringer)