Bernard Arnault, the LVMH 76 -year -old billionaire, has signaled that it can remain in charge of the luxury group for almost a decade.
LVMH has reported in a regulatory document that it intends to increase the age limit to CEO and chairman of the 80th to 85 years at the annual general meeting next month. The previous limit had already been raised by 2022.
A series of changes in management has feeded speculation that Arnault, who has five children, was preparing his succession plan – especially since they all occupy strategic positions in the conglomerate.
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A reformulation in November brought Alexandre Arnault back to LVMH headquarters in Paris after his time at Tiffany & Co. in New York. On Wednesday, the company announced that Frederic Arnault, director-general of Finance Agache-one of the holding holders that controls the family participation in LVMH Moët Hennessy Louis Vuitton if-will take the lead of the Italian brand of Cashmere Loro Pianna in June.
Still, the document suggests that Arnault is not thinking of an imminent retirement of the company he has led since 1989. Its fortune is estimated at about $ 179 billion, according to Bloomberg Billionaires Index, making him the richest person in Europe.
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Like its competitors, some of the main brands of LVMH face difficulties in the midst of a slowdown in the luxury sector, as consumers reduced spending after postpandeia boom.
Arnault has a strong presence in the French political circles and is often invited to the Elisha Palace when heads of state visit Paris.
However, he generated controversy by participating in Donald Trump’s inauguration as president of the US and claiming that there was a “wind of optimism” in the country – in contrast to his view of France.
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Arnault and Trump have known each other since the early 1980s, when the French businessman fled a socialist government in France and tried to enter the real estate sector in New York, an unsuccessful venture.
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