French luxury giant LVMH ( OTCPK:LVMHF ) shook up its brand management ranks, including the appointment of another Arnault family member to run a key brand.
According to a company announcement, current Christian Dior chief Pietro Beccari will accede to the role of Chairman and CEO of Louis Vuitton as current Louis Vuitton head Michael Burke takes up “new duties directly with [CEO] Bernard Arnault.” Deputy Managing Director of Louis Vuitton and daughter of the group’s CEO Delphine Arnault will take over for Beccari at Dior.
“The appointment of Delphine Arnault marks the continuation of a career of excellence in fashion and leather goods, first at Christian Dior for twelve years then at Louis Vuitton for the past ten years where she was number two in the House, in charge of all products,” Bernard Arnault said. “Under her direction, the desirability of the products has progressed considerably, allowing the brand to fly from record to record. Her keen eye and his incomparable experience will be decisive assets in pursuing the development of Christian Dior”.
Charles Delapalme, the current Executive Vice President of Christian Dior, will be promoted to the role of Managing Director to assist the younger Arnault.
Elsewhere, Watches & Jewelry division CEO Stéphane Bianchi will move to oversee Tiffany and Repossi Maisons as they are integrated into the group. All of the executive reshuffling are due to be implemented effective February 1.
Paris-listed shares of the group rose about 2% in afternoon trading.
Bernard Arnault recently overtook Elon Musk to become the richest man in the world .
For further details see:
LVMH taps daughter of CEO Bernard Arnault to head key brand