The changes announced Wednesday, effective Feb. 1, involve two of the luxury giant's largest brands and some of its best-known managers. Both Louis Vuitton and Dior have been on a tear, most recently riding a postpandemic boom in luxury spending that so far has shown little sign of easing.
LVMH emerged from the pandemic as Europe's largest company by market value, far ahead of the continent's industrial stalwarts such as Shell PLC, Airbus SE and Volkswagen AG. Mr. Arnault, meanwhile, has recently usurped Elon Musk as the world's richest person.
This year, loosened Covid-19 restrictions in Chinaone of the luxury industry's biggest markets-have further boosted LVMH's shares, which rose as much as 2% on Wednesday to hit a record intraday high, bringing year-to-date gains to 13%.
In taking the helm of Louis Vuitton, Mr. Beccari succeeds Michael Burke, who has led the fashion brand for a decade. Mr. Burke is one of the most trusted lieutenants of Mr. Arnault LVMH's CEO and controlling shareholder-having worked with him since the 1980s. LVMH said Mr. Burke, 66 years old, would now assume new duties, reporting directly to Mr. Arnault.
Mr. Beccari currently leads Dior, where he will be succeeded by Delphine Arnault, the eldest of Mr. Arnault's five children.
Denne historien er fra January 12, 2023-utgaven av Mint Mumbai.
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Denne historien er fra January 12, 2023-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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