Tuesday, July 23, 2024
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LVMH Chairman and CEO Bernard Arnault has made significant changes to the management team of his luxury goods empire, tightening his family’s control with the appointment of his daughter Delphine to head Christian Dior and naming a new CEO for Louis Vuitton. Pietro Beccari, who has been the head of Dior since 2018, is moving to replace long-time Louis Vuitton CEO Michael Burke, who has served as a loyal lieutenant of Arnault for many years.

Delphine Arnault, 47, has spent a decade at Louis Vuitton and has previously worked at Dior for 12 years, making her well-suited for the role of leading the brand. Burke, who has also served as chairman of Tiffany, will continue to work alongside Arnault senior in an unspecified role. Under Burke’s leadership, Louis Vuitton has seen remarkable growth, with Burke playing a crucial role in elevating street styles to the luxury sphere in recent years.

Meanwhile, Beccari, who previously led LVMH-owned label Fendi, reportedly increased sales at Christian Dior threefold to €6.6 billion during his tenure. The moves come as shares of LVMH, Europe’s most valuable company, rose as much as 2% to hit new highs. With the easing of COVID-19 restrictions in China, a key market, shares in luxury companies have been on the rise.

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