Bernard Arnault, The World’s Richest Man, Encouraged Daughter Delphine To Run Dior; Named New Louis Vuitton CEO

Bernard Arnault

Bernard Arnault, The World’s Richest Man, Encouraged Daughter Delphine To Run Dior; Named New Louis Vuitton CEO

January 15, 2023: New Delhi: French billionaire and world’s richest man Bernard Arnault on Wednesday announced a top management shakeup, promoting his daughter Delphine Arnault to head the Dior fashion house of his LVMH luxury empire. He also named the new CEO at flagship brand Louis Vuitton.

The big change comes after Arnault’s net worth surged last month as he became the world’s second-richest person, overtaking Twitter and Tesla boss Elon Musk.

The 73-year-old tycoon said the appointment of Louis Vuitton top executive Delphine as head of Christian Dior Couture was a “continuation of a career of excellence in fashion and leather goods”.

Under Delphine’s direction, Louis Vuitton was able to “fly from record to record” and his “sharp eye and unparalleled experience will be a crucial asset in the continued development of Christian Dior”, Arnault added.

Arnault’s LVMH is Europe’s most valuable company and owns a portfolio of high-end brands including Fendi and Louis Vuitton and has a market value of around 388.29 billion euros.

The new Louis Vuitton CEO

The billionaire’s daughter will replace Pietro Beccari, who has been made chief executive of Louis Vuitton. Beccari will succeed Michael Burke as head of the world’s leading luxury brand by sales.

“There is no doubt that he will lead Louis Vuitton to greater desirability and success,” Arnault said, praising Baker for his “extraordinary work” as head of Dior over the past five years.

Burke will take on a new role alongside Louis Vuitton’s outgoing CEO, Bernard Arnault.

The management changes will be effective from February 1. Meanwhile, Arnault, who overtook Musk on both the Forbes and Bloomberg lists of the world’s top billionaires late last year, has 5 children and all hold top jobs at LVMH.

While Delphine has been executive vice president at Louis Vuitton since 2013, her eldest son, Antoine Arnault, was named CEO of Christian Dior SE, the holding company that controls LVMH, in December.

Alexandre Arnault is the executive vice president of jewelry brand Tiffany, while his brother Frédéric is the CEO of watchmaker TAG Heuer. Another son, Jean, is director of watch development and marketing at Louis Vuitton.

The French tycoon earned $20.0 billion in the last year and has a net worth of $182 billion. Richest person in the world with a fortune of 50 billion dollars than Elon Musk.

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