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Bloomberg
Bernard Arnault named his daughter Delphine to run LVMH’s second-biggest brand, Dior, the latest step by the 73-year-old billionaire to elevate his children to key posts in his luxury empire.
The appointment comes a month after Antoine Arnault, the eldest son, was given a wider role in the business, replacing Sidney Toledano as chief executive officer and vice chairman of Christian Dior SE, the holding company through which the family controls LVMH Moet Hennessy Louis Vuitton SE.
The moves by the world’s richest man to give his children greater responsibilities have stirred questions about succession at Europe’s most valuable company, though there’s no sign Arnault plans to step back anytime soon. Last year, LVMH lifted the age limit of its CEO, allowing the family patriarch to stay at the helm until he’s 80.
The promotion will give Delphine “more of a front line exposure at Dior,†said Luca Solca, an analyst at Sanford C. Bernstein. Shares of LVMH rose as much as 2% in Paris trading, valuing the luxury conglomerate at about €386 billion ($415 billion).