Exor appoints the manager of Hermès as a member of its board of directors

MILAN (Reuters) – The Italian group Exor has appointed Axel Dumas, manager of Hermès, a non-executive member of its board of directors, the holding company of the Agnelli family announced on Tuesday, which intends to accelerate its development in the luxury sector. .

Axel Dumas, who has been at the head of the French luxury group since 2013, has been appointed for a one-year term which can be renewed, the Italian company said in a press release after its general meeting.

Exor, which in 2020 bought a majority stake in Chinese luxury group Shang Xia from Hermès, has increased its exposure to the sector, notably by taking a 24% stake in the capital of French haute couture shoemaker Louboutin last year. .

“Axel is the sixth generation leader of a family business that is the epitome of excellence and tradition, and also renowned for its success in pursuing renewal and change,” said the Exor CEO John Elkann, scion of the Agnelli family, in a statement.

Exor also announced the appointment of Board Member Ajay Banga as Chairman with immediate effect, as part of the separation of the roles of Chairman and Chief Executive Officer, which have until now been carried out by Elkann. .

Once the sale of the reinsurer PartnerRe is finalized, the group will have cash of 9 billion euros ($9.6 billion), which will enable it to continue its investments, particularly in the luxury industry.

Exor is the largest shareholder in automaker Stellantis and has majority stakes in companies including luxury sports car maker Ferrari and soccer team Juventus.

According to some sources, Exor has also studied the possibility of a merger with the Italian fashion group Giorgio Armani, which the company has repeatedly denied.

(Report Giulio Piovaccari; French version Federica Mileo, edited by Jean-Michel Bélot)

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