LVMH Next Chapter: In a significant move within the luxury conglomerate LVMH, Antoine Arnault, one of Chairman Bernard Arnault’s heirs, is slated to step away from the day-to-day operations of Berluti, marking the beginning of a broader reshuffling in the management of several prestigious labels under the LVMH umbrella. While maintaining his position as chairman of Berluti and Loro Piana, a luxury Italian brand specializing in high-end textiles, Antoine Arnault’s decision initiates a series of changes at the executive level.
Toni Belloni, LVMH Group Managing Director, commented on Berluti’s journey, stating, “From its heritage as a shoe specialist, Berluti has come a long way to become a full-fledged Maison for men.” This transformation has been a testament to Arnault’s leadership since he assumed the management of Berluti in 2012. However, with his move away from day-to-day responsibilities, a new era for the brand is on the horizon.
The incoming CEO for Berluti will be Jean-Marc Mansvelt, the current CEO of Chaumet, a storied jewelry label under the LVMH umbrella. Simultaneously, Charles Leung, CEO of another jewelry brand, Fred, will take over as CEO of Chaumet. The leadership changes are part of a carefully orchestrated plan to bring fresh perspectives and expertise to each brand within the group.
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Notably, Berluti will play a prominent role in the upcoming Paris Olympic Games. Arnault, credited with negotiating a significant sponsorship deal for LVMH, will remain at the helm as chairman, overseeing the brand’s involvement in designing the opening ceremony uniforms for the French teams at the summer Olympics and Paralympics.
This move is not just a reshuffle within the LVMH hierarchy; it’s a glimpse into the succession planning of Bernard Arnault’s family. Each of his five children holds crucial positions within LVMH, and any strategic decision involving them is closely scrutinized for potential indications of the future leadership structure.
As the luxury conglomerate continues to navigate the evolving landscape of the fashion and luxury industry, these management changes reflect LVMH’s commitment to adaptability, innovation, and ensuring a seamless transition of leadership for sustained success.
Our Reader’s Queries
What is the outlook for LVMH 2023?
The latest report indicates a 9% year-on-year increase in quarterly revenue growth, which is a significant drop from the 17% growth seen in the previous quarter. Analysts had predicted a growth rate of approximately 11%. In the first nine months of 2023, revenue has increased by 14%, compared to a 20% growth rate during the same period last year.
Is LVMH in debt?
Over the past five years, LVMH Moet Hennessy Louis Vuitton has maintained an average total debt of 28.749 billion, with a median of 34.544 billion for the same period.
Who is competition for LVMH?
LVMH faces stiff competition from the likes of CHANEL, Calvin Klein, Richemont, BCBG, and Burberry. However, it’s worth noting that LVMH ranks first in CEO Score on Comparably when compared to its competitors. To get a better idea of how LVMH stacks up against its rivals, take a look at its CEO Rankings, Product & Services, NPS, Pricing, Customer Services, Overall Culture Score, eNPS, Gender, and Diversity Scores.
Who did LVMH recently acquire?
In 2021, LVMH made history with its acquisition of Tiffany & Co. for a whopping $16.2 billion. This marked the largest acquisition ever made by the luxury goods conglomerate.