World’s Richest man, Delphine Arnault has appointed his daughter to head the fashion house- Dior.
He promoted his 47-year-old daughter as a part of a reshuffle at LVMH, Europe’s most valuable company.
This promotion will make Delphine Arnault leave her position as LVMH’s executive vice president for Louis Vuitton, which she has held since 2013.
LVMH said Louis Vuitton set new sales records under Ms. Arnault’s leadership.
Dior owns a portfolio of high-end clothing brands including Fendi and Louis Vuitton and is worth about £336 billion.
Mr. Arnault’s five children all hold management positions at brands in the group.
See their positions below
• Antonio Arnault, Bernard Arnault’s eldest son, to head the family’s holding company
•Alexandre Arnault, 30, is in charge of products and communication at Tiffany.
• Frederic Arnault, 28, is the chief executive of another group brand, Tag Heuer.
•The youngest child, Jean Arnault, 24, heads marketing and product development for Louis Vuitton’s watches division
Mr. Arnault’s companies sell goods including luxury suitcases by Louis Vuitton and Moet and Chandon champagne.
The changes, which come into effect in February, follow the recent appointment of Antoine Arnault, Bernard Arnault’s eldest son, to head the family’s holding company.
Furthermore, Thomas Chauvet an analyst at Citi has said that Succession planning in strategic roles has been instrumental to the success of LVMH’s key brands over the past 20 years.
“Hence today’s moves are significant.” He added.
Read Also: Chelsea sign Joao Felix on loan until the next season
In addition, other major fashion companies have had similar succession plans which have occurred in recent years.
For instance, High Street fashion giant Inditex, which owns brands including Zara and Massimo Dutti, appointed the founder’s daughter as its new chairwoman in 2021. Marta Ortega was 37 at the time.
And The boss of fashion house Prada, Patrizio Bertelli, recently said he expects to hand the reins of the company to his son Lorenzo within two years.
Bernard Arnault overtook Elon Musk in December 2022 to become the world’s richest man.
Recommended: Adobe is training AI with your content