What's going on at LVMH?

Fashion's creative directors are not the only ones who have been subjected to an incessant game of musical chairs. The French luxury giant LVMH is also experiencing continuous changes. Over the past few months, the group seems to be undergoing a makeover, starting from the inside, more specifically with its teams. In addition to facing an unprecedented crisis and a recession impacting all levels, the group has also (or rather consequentially) been forced to part ways with half of its executive committee since the beginning of 2024. A ruthless selection that even spares the most important figures of the company, as evidenced by the dismissal of Chantal Gaemperle, human resources director for 17 years and one of Bernard Arnault's closest advisors, and Alessia Gargano, head of human resources for the beauty division, both fired in the same week last November. But departures also mean changes and arrivals. However, if we take a look at the latest news regarding LVMH, we notice a constant in the family name of the new appointees to prestigious positions: the Arnaults.

The news has just dropped: Jean-Christophe Babin is the new CEO of the group's watch division and will take office on April 1. The reason? He replaces Frédéric Arnault, the fourth son of the cashmere wolf, who has just been appointed CEO of Loro Piana, the Italian brand specializing in cashmere, vicuña, and superfine wool. Until now the CEO of Bvlgari, Babin “will continue the work initiated by Frédéric Arnault, building and orchestrating with the Houses of Hublot, TAG Heuer, and Zenith their development and elevation strategies, as he did previously for twelve years at TAG Heuer, and then at Bvlgari since 2013”, said a statement published by the group. Meanwhile, Frédéric Arnault will officially begin on June 10 at Loro Piana, a brand previously headed by his brother Antoine Arnault, who is expected to succeed Toni Belloni and become the new president of LVMH Italy. But they are not the only Arnault children who have recently been offered or at least are in the running for a promotion in recent weeks.

Alexandre Arnault, the third son of the family and Deputy CEO of the wines and spirits division of LVMH Moët Hennessy Louis Vuitton, is among the candidates for a seat on the board of directors of Moncler. This possible change follows an agreement concluded last September between Remo Ruffini, CEO of Moncler, and LVMH, under which the luxury giant acquired a 10% stake in Double R, the investment vehicle controlled by the Italian businessman and Moncler's largest shareholder with a 16.9% stake. A shareholder meeting scheduled for April 16 will have to approve Mr. Arnault’s appointment, as well as the proposed increase in the number of board members. While nothing is certain, it is clear that Alexandre Arnault will most likely obtain this new role given Bernard Arnault's ability to place his children in the highest positions within the group. Already last November, Alexandre Arnault was climbing the ranks by joining the wines and spirits division of LVMH as part of a reshuffle. Before becoming Deputy CEO of the division, Mr. Arnault had served as Executive Vice President of Products, Communications, and Industry at Tiffany & Co. in New York since 2021.

The eldest of the family, Delphine Arnault, is none other than the CEO of Christian Dior Couture since 2023, after having been Deputy CEO of the executive committee of Dior and Vice President of Louis Vuitton. The youngest of the siblings, Jean Arnault, has held the position of Director of Marketing and Development of Watches for Louis Vuitton since 2021. At this rate, it seems that LVMH might as well be called Arnault. And since Bernard Arnault just announced that he plans to work until he's 85, maybe once all the children are settled in director roles, they'll move on to the grandchildren.