Bernard Arnault has suggested he wants to stay at LCMH for another decade.
The luxury goods firm – which was formed in 1987 following the merger of the fashion house Louis Vuitton and Moet Hennessy – amended company bylaws in 2022 to raise the maximum age of chairman and chief executive officer from 75 to 80 back in 2022, and a new proposal to increase the limit even further is on the table for a meeting next month.
According to the board of directors’ report on the draft resolutions document, published on LVMH’s website, shareholders will decide whether to renew the terms of office for the 76-year-old businessman on April 17.
Bernard became the leading shareholder of LVMH Moet Hennessy – Louis Vuitton in 1989, and he went on to make the brand become the leading luxury goods group in the world.
The document said of Bernard: “Thanks to his strategic vision and managerial skills, Bernard Arnault has developed the LVMH group into a global leader in its sector, to the benefit of its shareholders.”
All five of the CEO’s children – Delphine, 49, Antoine, 47, Alexandre, 32, Frederic, 30, and 26-year-old Jean – hold top management positions within the group, with them among the forefront to eventually take over at the helm.
Delphine is Chief Executive Officer of Christian Dior, while Antoine’s current positions include chairman of Loro Piana and head of communication and image at LVMH.
Alexandre has been promoted to deputy CEO of Moet Hennessy, which is the group’s wine and spirits division, Frederic is set to leave his position as CEO of LVMH Watches for the same role at the luxury Italian fashion brand Loro Piana in June, and Jean is Louis Vuitton’s director of watches.
Delphine previously revealed her dad brings the siblnigs together once a month for a business lunch.
She told Vogue magazine: “He’s involved us from when we were quite young. He talks to us about the group strategy, discusses questions that arise. He’s always wanted to pass on his knowledge. It’s a lot of work to choose the houses one buys carefully.”