Two additional members have joined the board of directors at LVMH following a recent shareholder vote, expanding the Arnault family’s influence within the company. This move solidifies the family’s control over the renowned French luxury goods conglomerate, which boasts iconic brands such as Dior and Louis Vuitton.
Alexandre, aged 31, serves as the executive vice president of Tiffany, while Frederic, aged 29, holds the position of chief executive officer at Swiss luxury watchmaker TAG Heuer. With their appointment, four out of Bernard Arnault’s five children now hold positions on the board.
According to Forbes magazine, Bernard Arnault and his family are currently recognized as the wealthiest individuals globally, with a combined fortune totaling $214 billion, surpassing figures like Amazon’s Jeff Bezos and Tesla’s Elon Musk.
The shareholder meeting saw each son receive over 93 percent of the votes, a result that was widely anticipated given the family’s significant ownership stake in LVMH, comprising 48.6 percent of the company’s capital and 64.3 percent of the voting rights.
Bernard Arnault, acknowledging his majority position, expressed confidence in the family’s control over the company. The board already includes two other children from a previous marriage, Delphine, aged 49, and Antoine, aged 46. However, the youngest sibling, Jean, aged 26, will have to wait for his opportunity to join.
In addition to the board appointments, LVMH announced the nomination of Wei Sun Christianson to succeed Toni Belloni as the group’s number two. Christianson, previously associated with American investment bank Morgan Stanley, brings extensive expertise in Chinese business, a market Arnault highlighted as crucial given the group’s significant presence in China.
The recent financial report revealed LVMH’s first-quarter sales for 2024 totaled 20.7 billion euros ($22 billion), slightly below industry expectations. This was attributed, in part, to a slowdown in Chinese consumption, prompting Arnault to express hopes for improved economic collaboration with China.
Looking ahead, LVMH disclosed plans for an employee shareholding scheme set to launch by year-end, despite acknowledging potential complexities associated with such initiatives in France. Arnault remains optimistic about overcoming these challenges.
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