Europe’s richest man has appointed two more of his sons to the board of Louis Vuitton and Dior owner LVMH as the succession battles heats up at the luxury goods behemoth.
Chairman and chief executive Bernard Arnault said his sons Alexandre and Frederic will be named to the company’s board, where they will join two of his other children, daughter Delphine and son Antoine.
The French billionaire is grooming his children to potentially lead the luxury empire in a scenario that has echoes of the award-winning drama Succession starring Brian Cox.
All five of his children have roles in the company, which reported an increase in sales at the end of last year.
Revenue at the key fashion and leather goods unit, which includes Louis Vuitton and Christian Dior, increased 9pc in the fourth quarter on an organic basis.
Overall, organic sales rose 10pc, with chief financial officer Jean-Jacques Guiony saying the business is normalising after an “exceptional” period of growth after Covid.
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2024-01-26 08:42:00Z
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