• Wednesday, June 12, 2024
businessday logo

BusinessDay

Bernard Arnault appoints son Fredric as MD of family holding Financiere Agache

Bernard Arnault appoints son Fredric as MD of family holding Financiere Agache

In a strategic move within the luxury conglomerate LVMH Moet Hennessy Louis Vuitton, 29 years old, Frederic Arnault has been appointed as the managing director of Financiere Agache, a key holding company in the Arnault family’s control structure for the global luxury giant.

As the son of Bernard Arnault, the chairman and CEO of LVMH, Frederic Arnault’s elevation to the role of managing director signifies a generational transition within the Arnault family’s leadership of the conglomerate.

This move comes at a crucial juncture for LVMH as it navigates succession plans for its esteemed chairman and CEO, Bernard Arnault, who, at 75, has raised the retirement age for his position to 80.

Read also: Arnaults overtakes Musk, now reigns as the world’s richest person worth $210bn

With the succession plans still under consideration, the appointment of Frederic Arnault to a key leadership role within Financiere Agache signals a strategic step towards ensuring continuity and stability within the group.

Frederic Arnault’s ascent within LVMH’s leadership ranks has been notable. Earlier this year, he was named chairman and chief executive of LVMH Watches, further solidifying his role in shaping the group’s future direction.

The timing of Frederic Arnault’s appointment coincides with the expiration of Nicolas Bazire’s mandate as director.

Read also: Top 10 richest men in the world worth $1.49 tn combined in Q1 2024

The Arnault family’s involvement in LVMH extends beyond Frederic Arnault’s appointment, with several members actively engaged in the group’s management.

Delphine Arnault, Bernard Arnault’s eldest daughter, currently serves as the CEO of Christian Dior Couture, the second-largest brand within the LVMH portfolio.

Additionally, Antoine, Alexandre, and Frederic Arnault’s roles as members of LVMH’s board contribute to a cohesive and collaborative approach to governance within the group. While Jean Arnault, the youngest son, assumes the role of watch director at Louis Vuitton, his influence within the group is poised to grow in tandem with his siblings’ ascent within LVMH’s hierarchy.

The Arnault family’s significant ownership stake in LVMH amounts to 48.60% of the company and 64.33% of its voting rights.